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Use the following to answer question 28 Figure Inflationary and Recessionary Gaps Panel a LRAS...

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Use the following to answer question 28 Figure Inflationary and Recessionary Gaps Panel a LRAS SRAS AD Price level P3 P P Y Yp Real GDP Price level P3 P P Panel b LRAS C is a long run equilibrium D is caused by flexible wages and prices Yp Y Real GDP A is equal to potential output B when compared with Y would reveal an inflationary gap SRAS 28 Figure Inflationary and Recessionary Gaps In Panel b the level of income associated with Y AD

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