Pessimism Suppose the economy is in long-run equilibrium. Then because of corporate scandal, international tensions, and loss of confidence in policymakers, people become pessimistic regarding the future and retain that level of pessimism for some time. Refer to Pessimism. In the short run what happens to the price level and real GDP? A. The price level rises and real GDP falls. B. The price level falls and real GDP rises. C. Both the price level and real GDP fall. D. Both the price level and real GDP rise.
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