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  3. figure policy alternatives panel a price level p3

Figure Policy Alternatives Panel a Price level P3 P P LRAS SRAS AD Y Yp...

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Figure Policy Alternatives Panel a Price level P3 P P LRAS SRAS AD Y Yp Y Real GDP SRAS Price level P3 P P Panel b LRAS SRAS AD Y Yp Y Real GDP AD 17 Figure Policy Alternatives In Panel b the economy is initially in short run equilibrium at real GDP level Y and price level P2 If the government decides to intervene it would most likely A increase taxes B C decrease the quantity of money available increase the level of government purchases of goods and services D decrease the level of government purchases of goods

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