Provide an argument that justifies the 'COVID-shock' as a 'demand' shock. Provide an argument that justifies the 'COVID-shock' as a 'supply' shock. Suppose that you have data available on aggregate output (also referred to as the Gross Domestic Product (GDP)) and the aggregate price level, P, for the months following the COVID shock in March 2020. What association between these two might reveal that the COVID-shock is a predominantly a demand shock or predominantly a supply shock? Explain clearly. Please use free-hand sketched and labeled demand-supply diagrams similar to those shown in the lecture notes to support your responses to both parts of the question.