Think of an event in the US (from the past) that caused the AS curve to shift. Briefly describe the event and draw an ADAS diagram to show what happened to GDP, Unemployment, and the Price level in the short run.

ADAS discussion

Think of an event in the US (from the past) that caused the AS curve to shift. Briefly describe the event and draw an ADAS diagram (starting in long-run equilibrium) to show what happened to GDP, Unemployment, and the Price level in the short run.