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suppose an economy is in its long-run macroeconomic equilibrium when an oil shock shifts the short-run aggregate supply curve to the left resulting in a recessionary gap. a. how do the aggregate price level and aggregate output change in the short run as a result of the oil shock? what is this phenomenon known as? as a result of the oil shock, the aggregate price level

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AmishaSrivastava

As a result of the oil shock, The decrease in price level makes it cheaper to hire more workers and produce more.

What is price?

  • The price is best described as: What a supplier charges for goods or services.
  • The amount a consumer is willing to pay for goods or services.
  • Price is the amount of payment or compensation (usually non-negative) made by one party to another party in exchange for goods or services.
  • In some cases, the production price is given another name.
  • The sum or amount of money or value that something is bought, sold, or offered for sale.
  • Amount offered for  capture of survivors or deceased: Authorities placed a bounty on his head.
  • Decrease the selling price of an item. Synonyms: deduction, discount. Type: downgraded downgraded downgraded. The act of reducing or reducing something.

To learn more about price from the given link:

https://brainly.com/question/19091385

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