Two aggregate demand aggregate supply models are graphed side by side. Both panels have price level C P I on the y-axis with three values labeled, from lowest to highest, P 1, P 2 and P 3; both panels show real G D P in billions of dollars per year on the x-axis. Both panels graph an upward sloping short run aggregate supply curve labeled S R A S and a downward sloping aggregate demand curve labeled A D. The curves intersect at an equilibrium point with x-axis value Y 1 and y-axis value P 2. In Panel A, a vertical long run aggregate supply curve labeled L R A S intersects S R A S and A D to the right of the equilibrium point. L R A S crosses S R A S at y-axis value P 3, A D at y-axis value P 1, and both curves at x-axis value Y P. In Panel B, a vertical long run aggregate supply curve labeled L R A S intersects S R A S and A D to the left of the equilibrium point. L R A S crosses S R A S at y-axis value P 3, A