Question: Draw what will happen first in the 1) SR and then assuming we are using a flexible wage model. 2) For each shift write a

Draw what will happen first in the 1) SR and then assuming we are using a flexible wage model. 2) For each shift write a short description of why AS or AD is shifting. 3) Assuming that the country was at full employment at the original equilibrium, identify and label on the graph the type of gap created by the shift

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