1.The __________ depicts the relationship between the level of prices and the total quantity of goods and services that firms supply. 2. A decrease in material costs will shift the short-run aggregate...

1.The __________ depicts the relationship between the level of prices and the total quantity of goods and services that firms supply.

2. A decrease in material costs will shift the short-run aggregate supply __________.

3. The aggregate supply curve in the short run is different from the aggregate supply curve in the long run because of the existence of __________ in the short run.

4. A negative supply shock, such as higher oil prices, will __________ output and __________ prices in the short run.