Use the Following to Answer Questions

question 44

Multiple Choice

Use the following to answer questions.
Exhibit: The Aggregate Demand/Aggregate Supply Model 1
-(Exhibit: The Aggregate Demand/Aggregate Supply Model 1) Which of the following statements is true?

• A) The economy depicted in the figure experiences a recessionary gap = Y_p-Y₁.
• B) The economy depicted in the figure experiences a recessionary gap = Y_p-Y₂.
• C) The economy depicted in the figure experiences a recessionary gap = Y₂-Y₁.
• D) The economy depicted in the figure is in long-run equilibrium but not in short-run equilibrium.

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