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For the question below, write an explanation of the short-run effect including the determinant of AD...

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Economics

For the question below, write an explanation of the short-runeffect including the determinant of AD or AS that is causing theshift, the line that shifts (AD or AS), the direction of the shift(left or right), and the impact on output and price level (increaseor decrease) and submit a properly drawn and labeled aggregatedemand and aggregate supply graph for the scenario. Make sure yourname and assignment number are written on each page of graphs yousubmit. All text must be written in the text box provided. Touristsflock to visit the major theme park's in Orlando, Florida.

Please explain and draw graph

Answer & Explanation Solved by verified expert
4.3 Ratings (632 Votes)
In the short run the number of major theme parks in Orlandoremains fixed at any price Hence the aggregate supply curveAS isvertical in the short runInitially when    See Answer
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