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1. Assume the U.S. economy has been operating at output levels beyond full employment. (a) Draw a correctly labeled graph of aggregate demand and aggregate

1.Assume the U.S. economy has been operating at output levels beyond full employment.

(a)Draw a correctly labeled graph of aggregate demand and aggregate supply and show each of the following.

a.The long-run aggregate supply curve.

b.The current equilibrium output and price levels, labeled and, respectively.

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