180 150 X 140 130 120 PRICE LEVEL C 110 100 90 80 1 2 3 4 5 6 7 REAL GDP (Trillions of dollars)Identify which curve on the previous graph corresponds to each of the following descriptions. If the curve described is not shown on the graph, choose Not Shown. In the descriptions, AD represents aggregate demand; SRAS represents short-run aggregate supply; LRAS represents long-run aggregate supply. Description a b C d Not Shown LRAS O O O O O SRAS if the expected price level is 140 O O O O O AD O O O O O SRAS if the expected price level is 110 O O O O O SRAS if the expected price level is 120 O O O O O4. Shortrun equilibrium and long-run aggregate supply' The following graph shows several aggregate demand and aggregate supply curves for an economy.r whose potential output is $4 trillion. The curves are labeled a. h. c. and d. Three points on the graph are also indicated by gray' stars and labeled X, Y, and Z. Suppose Hie economy is currently in shortrun equilibrium at point Z. In this case, the economy is producing at an output level 7 its potential output. At current prices and wage levels, real wages are v what rms and workers expected when they agreed on wage contracts. In Hie long run, if Hie price level and Hie nominal wage are boHi exible, wages will 7 , which will cause the v curve to shift to the v . Assuming Hie oHier two curves do not change, Hie economy will reach a new equilibrium at an output of v and a price level of v