Consider an economy in equilibrium with a recessionary gap. Draw a graph where the equilibrium real GDP is $8 trillion and the price level of 150. Label this equilibrium E1 where the aggregate demand, AD1, intersects the short-run aggregate supply curve (SRAS1). Include in your graph a long-run aggregate supply curve (LRAS) at the full-employment Real GDP level of, say, $12 trillion.
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