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Assume that the long-run aggregate supply curve is vertical at Y = 6,000 while the short-run aggregate supply curve is horizontal at P = 1.0.

Assume that the long-run aggregate supply curve is vertical atY= 6,000 while the short-run aggregate supply curve is horizontal atP= 1.0. The aggregate demand curve isY= 3 M/P, andM= 2,000.

a. If the economy is in long run equilibrium what is the value for Y ?

b.What is the velocity of money in this instance?

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