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Please refer to the diagrams below representing hypothetical economies. In each case, AD1 and SRAS1 represent before curves and AD2 and SRAS2 represent after' curves.

Please refer to the diagrams below representing hypothetical economies. In each case, AD1 and SRAS1 represent "before" curves and AD2 and SRAS2 represent "after' curves. In which panel(s) is deflation occurring?

image text in transcribed

Panel A only.

Panel B only.

Panel C only.

Panels B and C.

Panel A Panel B Panel C

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