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AD-AS graphs to show recessionary and inflationary gaps. Then, discuss in detail how neoclassical suggest recessionary and inflationary gaps be closed. fLRASn SRAS, 135 SRAS.

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AD-AS graphs to show recessionary and inflationary gaps. Then, discuss in detail how neoclassical suggest recessionary and inflationary gaps be closed.

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\fLRASn SRAS, 135 SRAS. 130 125 120 Price Level (base year = 100) 115 110 105 AD, 100 AD. 95 90 0 100 200 300 400 500 600 700 800 Real GDP (billions of constant dollars)

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