7. 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 3 5 OUTPUT (Trillions of dollars)LRPC O SRPC LRPC INFLATION RATE SRPC 3 6 12 15 18 UNEMPLOYMENT RATE (Percent) Which of the following statements are true based on these graphs? Check all that apply. The unemployment rate is currently 9% higher than the natural rate of unemployment. The current quantity of output is greater than potential output. O The natural level of output is $3 trillion.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