Refer to the graph above. If the price level is initially at P1, then the economy will adjust by:
Definitions:
Flanders
A historical region now divided among Belgium, France, and the Netherlands, known for its flourishing art, commerce, and culture during the Middle Ages and Renaissance.
Holy Roman Empire
A multi-ethnic complex of territories in central Europe that developed during the early Middle Ages and lasted until its dissolution in 1806, ruled by the Holy Roman Emperor.
Burgundian Territories
Regions in Europe controlled by the Dukes of Burgundy during the Middle Ages, encompassing parts of modern-day France, Belgium, and the Netherlands.
Charles the Bold
A Duke of Burgundy known for his ambitious political and territorial goals, and his conflicts with neighbouring territories.
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