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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?

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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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