Homework Answers
Demand side inflation:
Both equilibrium quantity and price increase in a demand side
inflation when the aggregate demand curve shifts from being the
blue curve to being the purple curve.
Demand side recession:
Equilibrium quantity and price fall in a demand side recession when
the aggregate demand curve shifts from being the blue curve to
being the purple curve.
Supply side inflation:
Equilibrium quantity falls and price rises in a supply side
inflation when the aggregate supply curve shifts from being the red
curve to being the black curve.
Supply side recession:
Equilibrium quantity increases and price falls in a supply side
recession when the aggregate supply curve shifts from being the red
curve to being the black curve.
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