A reduction in world oil supplies is likely to cause
a reduction in aggregate supply, a rise in the equilibrium price
level, and a fall in real Gross Domestic Product (GDP).
an increase in aggregate demand and a decrease in the
equilibrium price level.
an increase in equilibrium price level and an increase in real
Gross Domestic Product (GDP).
a decrease in equilibrium price level and an increase in real
Gross Domestic Product (GDP).