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1.ASAD a)Explain why there are 2 supply curves in this model and how we transition from one to the other. b)i)Explain one reason why the

1.ASAD

a)Explain why there are 2 supply curves in this model and how we transition from one to the other.

b)i)Explain one reason why the AD demand curve might shift to the left.

ii)Describe the process by which the economy gets back to long run equilibrium. Use a

graph to support your answer.

iii)In classical economics, why is this referred to as laissez faire economics?

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