The table below shows data for five economies of similar size. Real GDP is measured in billions of dollars. Assume that potential output for each economy is $340 billion. 
TABLE 24-1
-Suppose that the economy is initially in a long-run macroeconomic equilibrium. A shock then hits the economy and we observe that the unemployment rate increases and the price level decreases. We can conclude that
Has decreased and there is now an) gap.
Definitions:
Marketplace Trends
Predominant shifts or movements observed within a market or industry, influencing consumer behavior and business strategies.
Technological Environmental Force
External factors related to advancements in technology that can affect the operations and competitiveness of businesses within an industry.
Demographic Characteristics
Attributes of populations, such as age, race, gender, income, and education, used in market research and policy analysis.
Social Forces
Factors that affect society’s basic structure and the behavior of its members, including values, culture, norms, and demographic characteristics.
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