In Canada,during the 1970s,oil prices increased dramatically and shifted:
A) AD to the right.
B) AD to the left.
C) SRAS to the right.
D) SRAS to the left.

Name: In Canada,during the 1970s,oil prices increased dramatically and shifted: A) AD to the right. B) AD to the left. C) SRAS to the right. D) SRAS to the left.
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Question

Quizplus · Accepted Answer

The dramatic increase in oil prices during the 1970s would have increased production costs, causing the Short-Run Aggregate Supply (SRAS) curve to shift to the left.

In Canada,during the 1970s,oil Prices Increased Dramatically and Shifted