Raise the cost of electricity production

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Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the supply of labor, a major new discovery of oil, and new environmental regulations that raise the cost of electricity production. In the short run

A. the price level will fall and real GDP will rise.

B. the price level and real GDP will both stay the same.

C. the price level will rise and real GDP will fall.

D. All of the above are possible.

Reference no: EM131166549

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