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110 100 90 LX 125 13.0 135 14.0 145 150 Real GDP (trillions of 2005 dollars) What is the current equilibrium price level and real

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110 100 90 LX 125 13.0 135 14.0 145 150 Real GDP (trillions of 2005 dollars) What is the current equilibrium price level and real GDP for the economy illustrated in the figure above? Does this economy have an inflationary gap, a recessionary gap, or neither? As it adjusts toward full employment, which curve shifts? What is the equilibrium real GDP and price level that the economy will ultimately reach? Explain thoroughly

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