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Aggregate Aggregate Quantity Price Quantity Demanded Level Supplied 3,200 90 2,750 3,100 95 2,900 3,000 100 3,000 2,900 105 3,050 2,800 110 3,075 Note: Quantities are in millions of dollars. (a) State the equilibrium output and price level? Give reason(s) for your answer. (b) Suppose potential GDP was 3,075; is the resulting situation an inflationary or deflationary (recessionary) gap? Explain your response. (c) Draw a graph to represent the situation in point (2). Labeling of axis: 2 marks Equilibrium point: 1 mark Correct price level and output level: I mark Standard aspects of the graph 2 marks