Part 1: Graph Practice- Use the graph to the right to answer the questions. 1. 2. 8. What is the short-run equilibrium price level Price I? and output. Level L_ . s SRAS Identify the short-run equilibrium price level PH and output if consumer spending fell? PL3 Identify the short-run equilibrium price level and output if investment increased? PL2 Identify the short-run equilibrium price level and output after a negative supply shock? PL 1 If the real GDP was Y3, what types of unemployment would exist? If the real GDP was Y2, what types of unemployment would exist? Identify the long-run equilibrium price level and output if wages and resource prices are exible. Assume wages and resource prices are exible and the economy reached long-run equilibrium. What would be the LOMiLn equilibrium output if there was increase in government spending