3. The long-run effects of monetary policy The following graphs plot the long-run equilibrium situation for an economy. The first graph plots the aggregate demand (AD) and long-run aggregate supply (LRAS) curves. The second graph plots the long-run and short-run Phillips curves (LRPC and SRPC, respectively). LRAS AD LRAS PRICE LEVEL AD 0 2 4 6 8 10 12 OUTPUT (Trillions of dollars)LRPC O SRPC LRPC INFLATION RATE SRPC 2 3 5 UNEMPLOYMENT RATE (Percent) Which of the following statements are true based on these graphs? Check all that apply. The natural level of output is 3%. The natural rate of unemployment is 3%. It is impossible to determine the natural rate of unemployment from these graphs alone. Suppose the central bank of the economy pursues a policy that decreases the money supply. Show the long-run effects of this policy on both of the graphs by shifting the appropriate curves. The long-run effect of the central bank's policy is in the inflation rate, in the unemployment rate, and in real GDP