Suppose that the economy is depicted in the graph.
Suppose that the economy is depicted in the graph.
a. The current equilibrium price level and output level respectively are: 80 and $9 trillion.
b. Using the line drawing tool, show a change in aggregate demand that leads to an inflationary gap. Use the line drawing tool and label this new line ’AD1‘.
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Carefully follow the instructions above, and only draw the required objects.
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