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Consider the aggregate demand (AD), short run aggregate supply (SAS) and long run aggregate supply (LAS) curves shown in the following diagram. P 130 o

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Consider the aggregate demand (AD), short run aggregate supply (SAS) and long run aggregate supply (LAS) curves shown in the following diagram. P 130 o SAS 120 110 100 90 80 I [ AD GDP 16 17 18 19 20 21 (a) Identify the short run equilibrium (state the price level and the GDP output level). (b) State the full employment potential output level. (c) Is the short run equilibrium above or below the full employment equilibrium? Explain your

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