QUESTION 14 Exhibit 8-1 LRAS SRAS Price Level Real COP Refer to Exhibit 8-1. The price level is O a. lower in long-run equilibrium than in short-run equilibrium. O b. lower when the economy is in a recessionary gap than when it is in long-run equilibrium. O c. higher in long-run equilibrium than in short-run equilibrium. O d. lower in short-run equilibrium than in long-run equilibrium