11. In the neoclassical viewpoint, the real factors that determine output and unemployment affect the aggregate supply curve only. 12. However, real aggregate supply does constrain. 13. In economists'jargon, a rise in the oil price produces a downward shift in both aggregate supply and aggregate demand. 14. The " classical aggregate supply curve " comprises a short-run aggregate supply curve and a vertical long-run aggregate supply curve. 15. The " classical aggregate supply curve " comprises a short-run aggregate supply curve and a vertical long-run aggregate supply curve. 16. The " classical aggregate supply curve " comprises a short-run aggregate supply curve and a vertical long-run aggregate supply curve. 17. This model shows the price level and level of real output given the equilibrium in aggregate demand and aggregate supply . 18. The long-run aggregate supply curve of the classical model is affected by events that affect the potential output of the economy. 19. In that theory, the interaction of aggregate demand and aggregate supply determines the level of output and employment in the economy. 20. The committee will need to evaluate additional information on the balance of aggregate supply and demand and conditions in financial markets.
