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1. Assume the U.S. economy has been operating at output levels beyond full employment. (b) Assume that no policy action is taken. a.Show on your

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

(b)Assume that no policy action is taken.

a.Show on your graph from part (a) the change in short-run aggregate supply that will return the economy to the natural rate of output. Explain why this happens.

b.Label the new equilibrium output, , and price levels, .

Follow up to the first question. Thanks

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