HEY BEY Price Level 0.25 0.50 0.75 1.00 1.25 1.50 EVA Styles Styles Tags abc Feed v Aggregate Quantity V Demanded ($ billion) $3,500 3,000 2,700 2,500 2,000 1,500 Potential output is $2,700 billion. Draw the AS, LRAS, and AD curves. . What is the short-run equilibrium level of real GDP and the price level? Is there an inflationary gap or a recessionary gap? If so, Aggregate Quantity Supplied ($ billion) $1,000 2,000 2,300 2,500 2,700 2,800