Determine whether each of the following events shifts the short-run aggregate-supply curve, the aggregate demand curve, or both. For each event that shift a curve, illustrate, and explain the effect using AD-AS

Determine whether each of the following events shifts the short-run aggregate-supply curve, the aggregate demand curve, or both. For each event that shift a curve, illustrate, and explain the effect using AD-AS.

 

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a.      Due to Covid-19, many households feel pessimistic with the economy and decide to save more.

b.     Due to Covid-19 outbreak, many factories are forced to halt production for semiconductor.

 

c.      OPEC decide to raise the global price for oil.


 


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