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c.) Draw an AS/AD curve that is in a recessionary gap due to decreased consumption. d.) Draw the AD/AS curve in short and long run
c.) Draw an AS/AD curve that is in a recessionary gap due to decreased consumption. d.) Draw the AD/AS curve in short and long run equilibrium. Graph the following scenario in short and long run: The economy is initially in long-run equilibrium and an increase in government purchases causes demand- pull inflation. In the long run, wages respond to the inflation.3.) AD/AS a.) Draw the AD/AS curve in equilibrium for the short run and long run. b.) Draw the impact of adverse supply shock (rise in oil prices) on the AD/AS graph
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