explain whether the following scenarios shift the aggregate supply or aggregate demand curves. Illustrate what happens by using a graph. Finally, state in what direction the price level and the quantity move.
a.) Households decide to save a larger share of their income.
PRICE LEVEL: _________
QUANTITY: ________
b.) Florida orange groves suffer a prolonged period of below-freezing temperatures.
PRICE LEVEL: ________
QUANTITY: ______