lowing graphs show the state of an economy that is currently in long-run equilibrium. The first graph shows the aggregate der un aggregate supply (LRAS) curves. The second shows the long-run and short-run Phillips curves (LRPC and SRPC). LRAS AD LRAS AD 10 13

lowing graphs show the state of an economy that is currently in long-run equilibrium. The first graph shows the aggregate der un aggregate supply (LRAS) curves. The second shows the long-run and short-run Phillips curves (LRPC and SRPC). LRAS AD LRAS AD 10 13

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

7. The long-run effects of monetary policy
The following graphs show the state of an economy that is currently in long-run equilibrium. The first graph shows the aggregate demand (AD) and
long-run aggregate supply (LRAS) curves. The second shows the long-run and short-run Phillips curves (LRPC and SRPC).
LRAS
AD
LRAS
AD
2
6
8
10
12
OUTPUT (Trillions of dollars)
PRICE LEVEL

LRPC
SRPC
LRPC
SRPC
1
2
3
5
6
UNEMPLOYMENT RATE (Percent)
INFLATION RATE

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