8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 REAL GDP (Trillions of dollars) Suppose the level of real GDP supplied by firms is $10.5 trillion and the price level is 105. In this case, the quantity of real GDP supplied is 1 the real GDP demanded at a price level of 105, and firms will experience an unplanned _2 in inventories. Firms will respond to the change in inventories by producing _3 output until the economy reaches macroeconomic equilibrium at a price level of and real GDP of $ trillion. Suppose consumers and businesses become more optimistic about future economic conditions, causing the aggregate demand curve to increase by $0.5 trillion at each price level. On the previous graph, use the green line (triangle symbol) to show the new aggregate demand curve (ADy). (Hint: Be sure that AD, is parallel to A Do.) Then use the purple point (diamond symbol) to indicate the new macroeconomic equilibrium after the shift of aggregate demand. (Note: Dashed drop lines will automatically extend to both axes.) Grade It Now Save & Continue Continue without saving AmazonShopping a N O o W PCENGAGE MINDTAP Search this course Homework (Ch 15) X The following graph shows the aggregate demand (ADo) and aggregate supply (AS) curves for a hypothetical economy with full employment output of $11 trillion. A-Z 130 AS A ADO 125 AD 120 115 Macro Eq 2 PRICE LEVEL (Price index) 110 105 100 9.0 9.5 10.0 10.5 11.0 11.5 12.0 REAL GDP (Trillions of dollars) e a X N O S W P E 2:29 PM 11/22/2020