The following graph illustrates a shift of the aggregate demand curve to the left. It can be caused by: LRAS Select all that apply: contractionary monetary policy expansionary monetary policy pro-cyclical monetary policy countercyclical monetary policy Price Level (base year = 100) 120 110 100 90 00 80 400 500 600 SRAS wi AD E₁ AD, 700 Real Output (constant dollars) 800

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Q: Price level (GDP deflator, 009 = 100) 124 122 LRAS 2020 LRAS 2021 SRAS 2020 SRAS2021 AD 2021

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