1. (2points)Suppose that laws are passed banning labor unions and that resulting lower labor costs are passed along to consumers in the form of lower prices. Use the aggregate demandaggregate supply model to illustrate graphically the impact in the short run and the long mun of this favorable supply shock. Be sure to label: 1. the axes; 11. the curves; 1. the initial equilibrium values; 1v. the direction the curves shift; v. the short-run equilibrium values; and vi. the long-run equilibrium values. State i words what happens to prices and output 1n the short mun and the long run