Assume that before the COVID crisis, India and US were on their long run equilibrium. Both countries had full employment equilibrium (with unemployment at their natural rates). Three months into the COVID crisis (May 2020), both countries experienced high unemployment (Indian Unemployment was 23%; US Unemployment was 10% of their respective labor force). But US experienced an inflation of 0.03% while India experienced an inflation of 4%. Assume that the post COVID outcome is a short run equilibrium for both countries & there were no change in consumer behavior. US (and other developed countries are digitally more advanced. They moved most of the high skill (& high value) jobs moved online. This implies that the less developed countries such as India will _ a higher unemployment as the shits leftward. higher, LRAS lower, SRAS higher, SRAS higher, AD