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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Diagrammatically represent an economy that is in neither short-run nor long-run equilibrium.

To determine

Describe an economy that is neither short-run nor long-run equilibrium.

Explanation

Figure-1 shows the short-run equilibrium as follows:

In Figure-1, the vertical axis measures the price level and the horizontal axis represents the quantity. Here, the economy price level is P1 and the real GDP is Q1, but the intersection point of the aggregate demand (AD) curve and the short-run aggregate supply (SRAS) curve is at the same point of P1 and Q1...

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