Illustrate the short-run and long-run impact of an unexpected monetary contraction using both the AD-AS model and the Phillips curve. Assume the economy starts at full employment. 
Definitions:
Contract Dispute
A disagreement between parties regarding the interpretation, fulfillment, or enforcement of a contract.
Private Jury Trials
Legal proceedings where the jury's identity is kept confidential to protect its members or ensure a fair trial.
Private Trials
Legal proceedings conducted in a private setting rather than in a public courtroom, often involving arbitration or mediation.
Two-Tiered System
A system or structure that has two distinct levels of operation, authority, or importance.
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