Suppose that the economy is initially in a long-run equilibrium as shown in the graph to the right and then unexpectedly experiences a large increase in oil prices. 1.) Using the line drawing tool, draw the new location of the curve that initially shifts in response to this event. Be sure to accurately label this curve. 2.) Using the point drawing tool, identify the new short-run equilibrium point and label it as 'B'. 3.) Using the point drawing tool, identify the new long-run equilibrium point and label it as 'C'. Carefully follow the instructions above and only draw the required objects. Price Level A P1 to LRAS₁ AD Real GDP SRAS₁

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