2.1 “Oil prices are increasing, again, casting a shadow over the economy, driving up inflation and eroding consumer confidence.” (The New York Times, 2022) a. According to this News, how can we use a concept of cost-push to explain this situation? You may apply a concept of demand and supply to make it clearly

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter13: Money And The Banking System
Section: Chapter Questions
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2.1 “Oil prices are increasing, again, casting a shadow over the economy, driving up
inflation and eroding consumer confidence.” (The New York Times, 2022)
a. According to this News, how can we use a concept of cost-push to explain this
situation? You may apply a concept of demand and supply to make it clearly.

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