Major increases in oil prices in the mid-1970s and in the late 1970s created:
A. beneficial aggregate demand shocks.
B. adverse aggregate supply shocks.
C. an increase in long-run aggregate supply.
D. a reduction in the unemployment rate.
Answer: B
Economics
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The horizontal summation of all individual demands at different given prices results in the:
a. market supply curve. b. individual supply curve. c. individual demand curve. d. equilibrium demand and supply curves. e. market demand curve.
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