Elucidate each event whether it changes short-run aggregate

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Reference no: EM1363840 , Length: 2 Pages

The following events have occurred at time in the history of the United States

A deep recession hits the world economy.

The world oil price rises sharply.

U.S. businesses expect future profits to fall.

Explain for each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.

Reference no: EM1363840

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