In the Monetarists' view, a one-time increase in the price level results from a(n)

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According to the Monetarists' view, a one-time increase in the price level results from a supply shock, which refers to an unexpected event that causes a sudden change in the cost of a key production input or alters the supply of goods and services in the economy. Examples of supply shocks include natural disasters, wars, oil embargoes, and sudden changes in technology or regulation. Monetarists argue that such shocks can cause short-term deviations from the long-run equilibrium in output and employment, but that monetary policy is ineffective in addressing them and can only lead to inflation if pursued excessively.

In the Monetarists' View, a One-Time Increase in the Price