An increase in prices and a decrease in output-oil is an important resource used in the production of many goods and the distribution many goods. higher oil prices would lead to a decrease in sras, moving the curve to the left. if sras shifts to the left, then both the equilibrium price level will increase and the equilibrium output level will decrease as indicated below. (this graph depicts producers raising their prices in an effort to pass along the higher resource costs to consumers; the consumers then decrease the amount they purchase - decrease in quantity of ad - in response to the higher prices.)
Answer Anonymously
Copy Link
