how would i graph this? please be specific. and explain.Graph impact of increase in oil prices on AS/AD graph?
AS would shift upward, each quantity of supplied good would now cost more
P
|AD....AS2....AS1
|..\....../......... /
|....\../........../
|...../.\......./
|./........\../
|........../..\
|_________\_______Q
AD would not move, but after the shift quantity demand would be reduced.Graph impact of increase in oil prices on AS/AD graph?
Ad shifts right, prices go up and equilibrium moves to the right then
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