Suppose Canada's economy is in a long run equilibrium with real GDP equal to potential output Now suppose thers is an increase in world deinand for Canada's goods. In the short run, in the long run CHILD OA real GDP and the price level both tal, mal GDP is below its original level with a higher price level OB real GDP rises and the price level talls real GDP returns to its original level with an initial price level OC mal GDP and the price level both me, real GDP returns to its original level with a higher price level OD roar GDP talls and the price level mes, real GOP is below its orginal level with an initial price level

Suppose Canada's economy is in a long run equilibrium with real GDP equal to potential output Now suppose thers is an increase in world deinand for Canada's goods. In the short run, in the long run CHILD OA real GDP and the price level both tal, mal GDP is below its original level with a higher price level OB real GDP rises and the price level talls real GDP returns to its original level with an initial price level OC mal GDP and the price level both me, real GDP returns to its original level with a higher price level OD roar GDP talls and the price level mes, real GOP is below its orginal level with an initial price level

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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