Use the following graph to answer the following questions.The graph depicts an economy where aggregate demand and long-run aggregate supply (LRAS) have decreased,with no change in short-run aggregate supply (SRAS) .
-During the Great Recession,real gross domestic product (GDP) fell,yet the price level was largely unchanged,as depicted in the graph.Because of this,we know that ________ during the recession.
Definitions:
Roth Retirement Plan
A type of retirement savings account that allows for tax-free withdrawals in retirement, with contributions made with after-tax dollars.
Higher Tax Rate
A tax bracket imposing a greater percentage of taxation on individuals, corporations, or particular transactions.
Tax Deductible
Expenses that can be subtracted from taxable income, reducing the total amount of tax owed.
Roth Retirement Plan
A retirement plan allowing individuals to contribute after-tax dollars, with tax-free withdrawals in retirement.
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