PRICE LEVEL 100 90 80 9 50 40 30 20 C 1 d 5,70 2 3 4 5 REAL GDP (Trillions of dollars) D 7 8 @ Identify which curve on the previous graph corresponds to each description in the following table. If the curve described does not appear on the graph, choose Not Shown. Description Short-run aggregate supply (SRAS) when the economy is in long-run equilibrium Long-run aggregate supply (LRAS) Aggregate demand (AD) Short-run aggregate supply (SRAS) when there is a recessionary gap Short-run aggregate supply (SRAS) when there is an inflationary gap C b C C O O O O O O O O ot Shown O O

PRICE LEVEL 100 90 80 9 50 40 30 20 C 1 d 5,70 2 3 4 5 REAL GDP (Trillions of dollars) D 7 8 @ Identify which curve on the previous graph corresponds to each description in the following table. If the curve described does not appear on the graph, choose Not Shown. Description Short-run aggregate supply (SRAS) when the economy is in long-run equilibrium Long-run aggregate supply (LRAS) Aggregate demand (AD) Short-run aggregate supply (SRAS) when there is a recessionary gap Short-run aggregate supply (SRAS) when there is an inflationary gap C b C C O O O O O O O O ot Shown O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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