a.  What are the short-run equilibrium real GDP and price level in 2019? b.  What is the long-run equilibrium real GDP? c. Is the short-run macroeconomic equilibrium a full-employment equilibrium, below full-employment equilibrium, or above full-employment equilibrium? d. In transition to the long run, how would the wages in this economy change? e.  Following from d, explain how would the short run supply curve move to its long run position, as the changes in the nominal wages take effect. f.  What will the long run price level be?

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