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Assume that the United States economy is currently operatingatabovefull-employment level of real gross domestic product with a balanced budget. (a) Draw a correctly labeled graph

Assume that the United States economy is currently operatingatabovefull-employment level of real gross domestic product with a balanced budget.

(a) Draw a correctly labeled graph of aggregate demand, short-run aggregate supply, and long-run aggregate supply, and show each of the following in the United States.

(i) Current output and price level, labeled as Y₁and PL₁

(ii)Full-employment output, labeled asY_f

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