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QUESTION 2a The economy is hit by the Covid-19 pandemic and affects the short-run aggregate supply. Critically discuss the short-run and long-run effects on output

QUESTION 2a

The economy is hit by the Covid-19 pandemic and affects the short-run aggregate supply. Critically discuss the short-run and long-run effects on output and the price level using the AD-AS diagram:

(a) The central bank responded by printing more money.

Hint: the best answer would briefly explain how this works to increase the money supply.

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