Canada is an open economy that is currently in a recessionary output gap. (a) Draw a correctly labeled graph of the long-run aggregate supply, short-run aggregate supply, and aggregate demand curves, and show each of the following. (i) The current equilibrium real output and price level, labeled as Y1 and PL1, respectively (ii) Full-employment output, labeled Yf

Q: c. How much total consumer surplus will each of them receive at a price of $32?

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