Assuming the Economy Is in Long-Run Equilibrium,using an AS/AD Diagram,demonstrate

question 81

Essay

Assuming the economy is in long-run equilibrium,using an AS/AD diagram,demonstrate graphically and explain verbally the long-run impact on the price level and real output of an expectation by business executives of a recession in the near future.

---

Definitions:

Specialized Units

Distinct segments within an organization or system that focus on particular tasks, functions, or expertise.

Subgroup's Identity

The collective sense of identity shared by members of a subgroup within a larger group, often based on common characteristics or interests.

Collective Efficacy

The shared belief in a group's capacity to organize and execute actions necessary to achieve set goals.

Task Objectives

The specific goals or intended outcomes that are to be achieved through completing a task or project.