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Refer to Figure 11a. If the economy is at point Er, what would be the appropriate economic policy? An AD-AS diagram with three positions of

Refer to Figure 11a. If the economy is at point Er, what would be the appropriate economic policy? An AD-AS diagram with three positions of the AD curve. Question 11 Answer a. Contractionary monetary policy to address deflation. b. Contractionary fiscal policy to bring output to the natural level. c. Expansionary fiscal policy to bring output to the natural level. d. Contractionary monetary policy to address inflation

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