1)  Suppose the economy is in long-run equilibrium. If there is a sharp increase in the expected price level, what do we expect to happen?   Select one:   (A) In the short run, the SRAS curve will shift left, real GDP and price will fall. (B) In the short run, SRAS will shift right, real GDP will rise and prices will fall. (C) In the short run, AD will shift left, real GDP and prices will fall. (D) In the short run, LRAS and SRAS will shift left, causing real GDP to fall.

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