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Refer to Figure 3. In Figure 3, Point B represents a ----------------------- and the gap between Y2 and Y1 is a --------------------- a. short-run equilibrium
Refer to Figure 3. In Figure 3, Point B represents a ----------------------- and the gap between Y2 and Y1 is a --------------------- a. short-run equilibrium and a long-run equilibrium, recessionary gap. b. short-run equilibrium, and Point A represents a long-run equilibrium, inflationary gap. c. long-run equilibrium, and Point A represents a short-run equilibrium, recessionary gap. d. long-run equilibrium, and Point C represents a short-run equilibrium, inflationary gap
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