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Take a look at the diagram below. For a person who does not know economics, can you explain by referring to the various parts of

Take a look at the diagram below. For a person who does not know economics, can you explain by referring to the various parts of the graph how and why this situation is known as an inflationary gap?
Cerdance www.cerdako.com Long-run Short-run aggregate supply aggregate supply Inflationary Price Level gap Inflationary gap Aggregate demand Potential Output Real GDP

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