15 Suppose that the economy is self-regulating, that the price level is 110, that the quantity demanded of Real GDP is

$4 trillion, that the quantity supplied of Real GDP in the short run is $4.9 trillion, and that the quantity supplied of Real GDP in the long run is $4.1 trillion. Is the economy in short-run equilibrium? Will the price level in long-run equilibrium be greater than, less than, or equal to 110?

Explain your answers.