(Solved): 1. The short-run aggregate supply (SRAS) curve is upward sloping since wages and resource prices ar ...

1. The short-run aggregate supply (SRAS) curve is upward sloping since wages and resource prices are In the short run. The SRAS shows there is a(n) relationship between and in the short run. 2. How does a change in the price level impact real GDP on the short-run aggregate supply? \begin{tabular}{|l|l|} \hline Increased Price Level: & \\ \hline Decreased Price Level: & \\ \hline \end{tabular} 3. Take a look at the events in the table below. Place an " $X$ " in the appropriate column depending on if the event would cause the SRAS to shift right, shift left, cause movement up, or cause movement inum 4. The long-run aggregate supply (LRAS) curve is vertical at the output since wages and resource prices are in the long run. The LRAS shows there is no relationship between and in the long run. 5. Take a look at the events in the table below. Place an " $X$ " in the appropriate column depending on if