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The diagram below illustrates an economy in a long run equilibrium, where AD is aggregate demand curve, SRAS is short run aggregate supply curve, LRAS

The diagram below illustrates an economy in a long run equilibrium, where AD is aggregate demand curve, SRAS is short run aggregate supply curve, LRAS is long run aggregate supply curve and YN is natural rate of output.

Price level, PH LRASH SRASH PIt- AD + YNG Quantity of Output, Y+

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