Question
Due to a pandemic, the economy is in a recession with high unemployment and low output. Draw AD curve, SRAS curve, and LRAS in one
Due to a pandemic, the economy is in a recession with high unemployment and low output.
Draw AD curve, SRAS curve, and LRAS in one graph to show the current situation of recession. Hint: the intersection of AD and AS should have a lower output value than the intersection of AD and LRAS, which shows the potential output.
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Microeconomics
Authors: David Besanko, Ronald Braeutigam
5th edition
1118572270, 978-1118799062, 1118799062, 978-1118572276
