Question: 11. Scenario: Starting from long-run equilibrium, graphically illustrate and explain what happens to RGDP, the average price level, and unemployment if the cost of labor

11. Scenario: Starting from long-run equilibrium, graphically illustrate and explain what happens to RGDP, the average price level, and unemployment if the cost of labor declines and business expectations decline. Follow-up: Based on the outcomes (conclusions) from the above scenario, the economy is at the natural rate of unemployment. True False

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