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llege x Grades - ECON1110:Macroecono x Question 36 - Pr ME 21 22 12 - C X + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPURNr.. https://portal.cnh.c... RME Central Sales Department -... M Macdon CaselH - Bourgault LifeWorks THE Community Invest.. 42 ADP Hippo Facility Main.. T2 1 Saved Help Save & Exit Demonstrate graphically and explain a recessionary gap. Describe two solutions for closing the gap. The diagram of the gap: LAS AS Price Level PA AD Y1 YFE Real Output The explanation of the gap diagram: The diagram above shows a recessionary gap of (YFE-Y1). The economy is in equilibrium at point A with price level P1 and real output level Y1. A recessionary gap exists when equilibrium output is below potential output as it is in the diagram. Short Answer Toolbar navigation BIUS A VL v