Suppose that an economy begins in long-run equilibrium before the price level and real GDP both decline
Question:
Suppose that an economy begins in long-run equilibrium before the price level and real GDP both decline simultaneously. If those changes were caused by only one curve shifting, then those changes are best explained as the result of:
a. the AD curve shifting right.
b. the AS curve shifting right.
c. the AD curve shifting left.
d. the AS curve shifting left.
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If an economy begins in longrun equilibrium and experiences a simultaneous decline in the price leve...View the full answer
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Related Book For 
Macroeconomics
ISBN: 9781264112456
22nd Edition
Authors: Campbell McConnell, Stanley Brue, Sean Flynn
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