Suppose that the aggregate demand and aggregate supply schedules for a hypothetical economy are as shown below: Amount of Real GDP Demanded, Billions Price Level (Price Index) Amount of Real GDP Supplied, Billions $100 300 $450 200 250 400 300 200 300 400 150 200 500 100 100   Plot the change in demand curve. 1. There was increase in price level from P200 to P250. 2. There was decrease in price from P200 to P150.

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