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8. Scenario: Starting from long-run equilibrium, graphically illustrate and explain what happens to RGDP, the average price level, and unemployment if the cost of labor

8. Scenario: Starting from long-run equilibrium, graphically illustrate and explain what happens to RGDP, the average price level, and unemployment if the cost of labor declines and business expectations decline. Question: A decrease in business expectations results in a decrease in both AD and SRAS. True False

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