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The Figure Given Below Depicts the Long Run Equilibrium in an Economy

question 112

Multiple Choice

The figure given below depicts the long run equilibrium in an economy. Figure 14.1 The figure given below depicts the long run equilibrium in an economy. Figure 14.1 In the figure: AD<sub>1</sub> and AD<sub>2</sub>: Aggregate demand curves AS<sub>1</sub> and AS<sub>2</sub>: Aggregate supply curves Refer to Figure 14.1.Movement from point A to point C is equivalent to: A) a movement up the long-run Phillips curve. B) an outward shift of the short-run Phillips curve. C) a movement up the short-run Phillips curve. D) an inward shift of the long-run Phillips curve. E) a movement down the long-run Phillips curve. In the figure:
AD1 and AD2: Aggregate demand curves
AS1 and AS2: Aggregate supply curves
Refer to Figure 14.1.Movement from point A to point C is equivalent to:

Definitions:

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