Question: Exercise 3 Assume Australia started in a long-run equilibrium. Use an AD-AS diagram to explain how a demand shock caused by a virus pandemic would

Exercise 3 Assume Australia started in a long-run equilibrium. Use an

Exercise 3 Assume Australia started in a long-run equilibrium. Use an AD-AS diagram to explain how a demand shock caused by a virus pandemic would affect real GDP, price level and unemployment rate in the short run. How will the economy adjust back to the long run equilibrium

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