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Graphical representation of full employment, above full employment and below full employment.

Utilizing an aggregate demand (AD) and aggregate supply (AS) model in which the short-run aggregate supply curve slopes upwards to elucidate the equilibrium level of real GDP and prices if the economy is operating:

a) Draw Graph for Following

(i) at full employment,

(ii) above full employment, and

(iii) below full employment.

b) In each case describe the relationship between real GDP and potential GDP.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M921385

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