Use the following graph to answer the following questions.This graph depicts an economy where aggregate demand has decreased,with no change in either short-run aggregate supply (SRAS) or long-run aggregate supply (LRAS) .
-As a result of aggregate demand decreasing,we can see that the price level ________ and real gross domestic product (GDP) ________.
Definitions:
United States
A country located in North America, consisting of 50 states and a federal district, known for its significant influence on global economics, politics, and culture.
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a given price level.
Import
The process of importing products or services from foreign countries for the purpose of selling them.
U.S. Tariff
A tax imposed by the United States government on imported goods to protect domestic industries or to generate revenue.
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