During 2008,oil price increases
A)shifted the short-run aggregate supply curve farther to the left than similar increases had 30 years earlier.
B)shifted the aggregate demand curve farther to the right than similar increases had 30 years earlier.
C)did not shift the short-run aggregate supply curve as far to the left as similar increases had 30 years earlier.
D)shifted the aggregate demand curve farther to the left than similar increases had 30 years earlier.

Question

Quizplus · Accepted Answer

During 2008, the impact of oil price increases on the short-run aggregate supply curve was not as severe as similar increases had been 30 years earlier, due to factors such as improved energy efficiency and a lesser dependence on oil in many economies.

During 2008,oil Price Increases