Starting from Long-Run Equilibrium,draw an Aggregate Demand-Aggregate Supply Graph to Illustrate

question 106

Essay

Starting from long-run equilibrium,draw an aggregate demand-aggregate supply graph to illustrate the difference between a long-run and a short-run equilibrium due to an increase in aggregate demand.Once the economy is in the short-run equilibrium,explain-but it's not necessary to illustrate-how long-run equilibrium will be restored.

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