FREE RESPONSE QUESTION EQUILIBRIUM AD AND AS MODEL include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to \"Calculate,\" you must show how you arrived at your final answer. he economy of Moneyland has an actual unemployment rate that is less than the natural unemployment rate.(Hint: if the actual rate of unemployment is less than the natural rate, is this economy facing a recessionary gap or an inflationary gap?) (a) Draw a correctly labeled graph of the long-run aggregate supply, short-run aggregate supply, and aggregate demand curves, and show each of the following. (i) Current price level, labeled PL1 (ii) Current real output, labeled Y1 (iii) Fullemployment output, labeled YF (b) Suppose that consumer spending increases. On your graph in part (a), show the effect of the increase in consumer spending on the equilibrium price level and real output in the short run. ((d) Assume instead that the government of Moneyland decides not to take any policy action. Will shortrun aggregate supply increase, decrease, or stay the same in the long run? Explain