Answer:
Following are the affects of the above events on the SRAS curve
Explanation:
Increase in the price level will have no effect on the short-run supply curve, price level will only affect the long-run supply curve. Likewise, short-run supply curve will shift inwards due to the expected future price expectation. A price level that is currently higher than expected will also shift the short-run supply curve inwards. Increase in the price of an important raw material will shift the supply curve inwards because there is a shift in one of the important raw material. An increase in the labor force participation will increase and shift the short-run supply curve rightwards.
