The Figure Given Below Shows Short Run and Long Run

question 2

Multiple Choice

The figure given below shows short run and long run equilibrium in an aggregate demand-aggregate supply model.The economy shown in this figure is:

• A)in a long-run equilibrium at the price level P and income level Y.
• B)in a short-run equilibrium at the price level P and income level Y.
• C)experiencing a contractionary gap at price level P and income level Y.
• D)experiencing an expansionary gap at price level P" and income level Y'.
• E)in a short-run equilibrium at the price level P' and income level Y.

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