Identify which curve on the previous graph corresponds to each of the following descriptions. If the curve described is not shown on the graph, choose Not Shown. In the descriptions, AD represents aggregate demand; SRAS represents short-run aggregate supply; LRAS represents long-run aggregate supply. Description LRAS SRAS if the expected price level is 70 SRAS if the expected price level is 60 AD SRAS if the expected price level is 50 a of οιοι O b O O O OO с O C O O O d O O O O Not Shown O O O O equal to/below/above Suppose the economy is currently in short-run equilibrium at point L. In this case, the economy is producing at an output level its potential equal to/below/above output. At current prices and wage levels, real wages are what firms and workers expected when they agreed on wage contracts. In the SRAS/AD/LRAS long run, if the price level and the nominal wage are both flexible, wages will fall/rise, which will cause the curve to shift to the left/right. Assuming the other two curves do not change, the economy will reach a new equilibrium at an output of ▼50/60/70 and a price level 5/6/10 trillion

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