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45 line YE Y1 Real GDP 26. Describe the variables in the economy above. Suppose Y1 is the current level of production relative to the

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45\" line YE Y1 Real GDP 26. Describe the variables in the economy above. Suppose Y1 is the current level of production relative to the short-run equilibrium, YE. Is aggregate expenditure AE less than or greater than real GDP Y? What actions would firms take and how would AE = YE overtime. Explain. Clearly state the key assumption upon which your explanation depends on

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