Explain feasting and fasting as they are depicted in this figure.
Definitions:
Equilibrium Output
The level of output where the quantity demanded equals the quantity supplied in a market, leading to no pressure for change.
Price Level
A measure of the average prices of goods and services in an economy at a given time, often influencing inflation rates.
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced, occurring when the level of output is sustainable in the long term without creating inflation.
Labor Force
The total number of people available for work, including both the employed and the unemployed who are seeking employment.
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