Use the following graph to answer the next question. Price Level a P3 AS₂ AS₁ e3 AS3 Y3 AD₁ Y₁ Real GDP If current output is Y₁ and full-employment output is Y2, then in the long run the short aggregate supply schedule is
Use the following graph to answer the next question. Price Level a P3 AS₂ AS₁ e3 AS3 Y3 AD₁ Y₁ Real GDP If current output is Y₁ and full-employment output is Y2, then in the long run the short aggregate supply schedule is
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Use the following graph to answer the next question.
Price Level
P3
AS₂
e₁
AS₁
e3
Y3
AS3
AD₁
Y₂
Y₁
Real GDP
If current output is Y₁ and full-employment output is Y2, then in the long run the short aggregate supply schedule is

Transcribed Image Text:Use the following graph to answer the next question.
Price Level
P3
AS₂
e₁
AS₁
e3
Y3
AS3
AD₁
Y₂
Y₁
Real GDP
If current output is Y₁ and full-employment output is Y2, then in the long run the short aggregate supply schedule is
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