Beginning from Long-Run Equilibrium at Point E₁ in Exhibit 1

question 39

Multiple Choice

Beginning from long-run equilibrium at point E₁ in Exhibit 1, the aggregate demand curve shifts to AD₂ . The real GDP and price level (CPI) in short-run equilibrium will be:

• A)$12 billion and 200.
• B)$8 billion and 250.
• C)$8 billion and 150.
• D)$12 billion and 250.

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