Use Table 13.3 to answer the following questions. a. Sketch an aggregate supply and aggregate demand diagram.
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Use Table 13.3 to answer the following questions.
a. Sketch an aggregate supply and aggregate demand diagram.
b. What is the equilibrium output and price level?
c. If aggregate demand shifts right, what is equilibrium output?
d. If aggregate demand shifts left, what is equilibrium output?
e. In this scenario, would you suggest using aggregate demand to alter the level of output or to control any inflationary increases in the price level?
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