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1. Which Aggregate Supply (AS) and Aggregate Demand (AD) diagram below indicates a situation where a recession (a deflationary gap) exists. Use and refer to

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1. Which Aggregate Supply (AS) and Aggregate Demand (AD) diagram below indicates a situation where a recession (a deflationary gap) exists. Use and refer to the trade cycle diagram illustrated in Question 3 to justify and explain your answer. (4 marks) General Diagram1 General Diagram2 General Diagram 3 Price LRAS Price LRAS SRAS Price LRAS Level SRAS Level Level SRAS SRAD FRAD SRAD Real GDP YF Real GDP Real GDP Natural rate Natural rate Natural rate of output/full of output/full of output/full employment employment employment

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