Suppose That Droughts in the Southeast and Floods in the Midwest

question 34

Essay

Suppose that droughts in the Southeast and floods in the Midwest substantially reduce food production in the United States. Use the aggregate demand-aggregate supply model to illustrate graphically the impact in the short run and the long run of this adverse supply shock. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction the curves shift; v. the short-run equilibrium values; and vi. the long-run equilibrium values. State in words what happens to prices and output in the short run and the long run.

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Definitions:

Facework

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Reflective Competition

A competitive situation where individuals reflect on their own and others' strategies and outcomes, leading to personal growth and improved understanding.

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Material Self

An aspect of self-concept that includes the physical items and possessions which reflect one’s identity.