5. Sketch an aggregate demandaggregate supply (ADAS) diagram depicting an economy away from long-run equilibrium. Indicate the

Question:

5. Sketch an aggregate demand–aggregate supply (AD–AS) diagram depicting an economy away from long-run equilibrium. Indicate the economy’s short-run equilibrium point. Discuss how the economy reaches long-run equilibrium over a period of time. Illustrate the process in your diagram. LO 11.6 MEDIUM

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