The supply shocks of the 1970s had the beneficial effect of pushing prices downward as the result of a growing shortage in critical materials.

Name: The supply shocks of the 1970s had the beneficial effect of pushing prices downward as the result of a growing shortage in critical materials.
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The supply shocks of the 1970s, particularly those related to oil, led to higher prices and inflation, not lower prices, as shortages and increased costs of critical materials pushed prices upward.

The Supply Shocks of the 1970s Had the Beneficial Effect