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Please answer the both (Figure: Short- and Long-Run Equilibrium) Use Figure: Short- and Long-Run Equilibrium. If the economy is in equilibrium at E1, it is

Please answer the both

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(Figure: Short- and Long-Run Equilibrium) Use Figure: Short- and Long-Run Equilibrium. If the economy is in equilibrium at E1, it is in a(n): Aggregate LRAS price level SRAS E1 P1 AD Y Yp Real GDP potential output expansion. recessionary gap. O debt spiral. O inflationary gap. (Table: Real and Nominal Output) Use Table: Real and Nominal Output. The year in which the increase in nominal GDP is exclusively due to the increase in the price level rather than physical output is year: Year Units of Output Price per Unit 40 $1 30 $2 50 $2 70 $4 60 $6 6 60 $8 6. O 4. O 2 . O 3

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