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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

Beginning with long-run equilibrium, explain what happens to the price level and Real GDP in the short run and in the long run as a result of (a) a decline in AD, (b) a rise in AD, (c) a decline in SRAS, and (d) a rise in SRAS.

(a)

To determine

Estimate the situation of real GDP and price level if the aggregate demand decreases.

Explanation

In an economy, if the aggregate demand (AD) decreases, then the real GDP and the price level will decrease...

(b)

To determine

Estimate the situation of Real GDP and price level if the aggregate demand increases.

(c)

To determine

Estimate the situation of real GDP and price level if SRAS decreases.

(d)

To determine

Estimate the situation of real GDP and price level if SRAS increases.

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