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. During the period 19731975, the United States expe- rienced a deep recession with a simultaneous sharp rise in the price level. Would you conclude
. During the period 19731975, the United States expe- rienced a deep recession with a simultaneous sharp rise in the price level. Would you conclude that the recession was the result of a supply shock or a de- mand shock? Illustrate, using AD-AS analysis
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