Short-run equilibrium and long-run aggregate supply

The following graph shows several aggregate demand and aggregate supply curves for an economy whose potential output is $4 trillion. The curves are labelled a, b, c, and d. Three points on the graph are also indicated by grey stars and labelled X, Y, and Z.

180 150 140 130 120 PRICE LEVEL 110 100 90 2 REAL GDP (Trillions of dollars) Identify which curve on the previous graph corresponds to each description in the following table. If the curve described does not appear on the graph, choose Not Shown. Description a b C d Not Shown Short-run aggregate supply (SRAS) when there is an inflationary gap O O O O O Long-run aggregate supply (LRAS) O O O O O Aggregate demand (AD) O O O O O Short-run aggregate supply (SRAS) when there is a recessionary gap O O O O O Short-run aggregate supply (SRAS) when the economy is at long-run equilibrium O O O O O