Wages and energy prices are widely used inputs across the whole economy. If these input prices rise, holding output prices fixed, what happens to the SRAS curve?

1. Wages and energy are widely used inputs, so a rise in their prices raises production costs across many firms at once. 2. Higher input costs discourage production at every given output price level, since profit margins shrink. 3. A curve showing less output produced at every price level has shifted to the left. 4. This is a macroeconomic version of the same cost-shock logic as a single firm's supply curve shifting left. _Source: OpenStax Principles of Macroeconomics for AP Courses (CC BY 4.0), Ch 10 "The Aggregate Demand/Aggregate Supply Model", section 10.3 | Shifts in Aggregate Supply_