In the 1970s, the economy experienced stagflation - a situation where prices rise but output falls. In the short run, then, stagflation must be caused by
the AS curve shifting rightward
the AD curve shifting leftward
the AD curve shifting rightward
the AS curve shifting leftward
In the long run, the shift described in the last question would cause ________ in the price level and _______ in real output.
no change; a decrease
a decrease; no change
a decrease; an increase
none of the listed options
an increase; a decrease