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Preface: suppose that the economy enters into a major recession... Instructions Question 1 22.5 pts Preface : Suppose that the economy enters into a major

Preface: suppose that the economy enters into a major recession...
Instructions Question 1 22.5 pts Preface : Suppose that the economy enters into a major recession brought on by a financial crisis that stems from a real estate bubble bursting and the ensuing fall in real estate (asset) prices. In two paragraphs and using graphical analysis from the graph provided below, explain how the Classical view of the return to long run potential output can be complicated by feedback effects in the AS/AD model. Be sure to explain what is causing these feedback effects. Price level LAS SASE SASD Real output 10 Poli Sci 092 - Poli Sci 902 PCCT - Do

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