The Council of Elrond has decided to increase taxes, and the central bank of Elrond has decided to conduct open market purchases of financial assets. Assuming that wages are sticky, which of the following best describes the impact of these actions on real output and the price level?
A. Real output will decrease; the price level will decrease.
B. Impact on real output is indeterminate; price level decreases.
C. Real output increases; the price level increases.
D. Impact on real output indeterminate; impact on the price level indeterminate.
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