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1. Assume that the United States economy is currently in a recession in a short-run equilibrium. (a) Draw a correctly labeled graph of the short-run

1. Assume that the United States economy is currently in a recession in a short-run equilibrium. (a) Draw a correctly labeled graph of the short-run and long-run Phillips curves. Use the letter A to label a point that could represent the current state of the economy in recession.

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