Use the accompanying diagram to answer questions a and b. a. Illustrate a recessionary gap on the
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a. Illustrate a recessionary gap on the diagram provided.
b. Using the results in a, illustrate and explain the eventual long-run equilibrium in thiscase.
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LRAS 0 RGDP NR RGDP
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a b In the long run the price level will e...View the full answer
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