4. Which of the following statements is true if this economy is operating at P1 and Y1?...
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4. Which of the following statements is true if this economy is operating at P1 and Y1?
I. The level of aggregate output equals potential output.
II. It is in short-run macroeconomic equilibrium.
III. It is in long-run macroeconomic equilibrium.
a. I only
b. II only
c. III only
d. II and III
e. I and III
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