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P, AS Price Level P2 AD P. 100 200 300 400 Real Output (billions of dollars per year) Given AD2 and AS1, the equilibrium price

P, AS Price Level P2 AD P. 100 200 300 400 Real Output (billions of dollars per year) Given AD2 and AS1, the equilibrium price level in Figure 8.3 is: O P1 . O P2 . O P3 O P4

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