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Suppose that output is at the full-employment level and that nominal wages are slow to adjust. Using the AD-AS framework to explain the short-run and

Suppose that output is at the full-employment level and that nominal wages are slow to adjust. Using the AD-AS framework to explain the short-run and long-run effects of the coronavirus on output and the price level.

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(Hint: How does the coronavirus affect the short-run and long-run aggregate supply curves and the aggregate demand curve?)

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