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Shifting the SRAS and LRAS curves.

Suppose the price of a barrel of oil increases from $50 to $70.

Illustrate which of the diagrams shows the effect of the increase in the cost of oil?. (Green dashed lines indicates change from the original Equilibrium)

1329_increase in the price of oil.jpg

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M919907

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