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QUESTION
Construct the AD, SRAS, and LRAS curves for an economy experiencing 1. full employment 2. an economic boom, 3. a recession. What will happen in each
Construct the AD, SRAS, and LRAS curves for an economy experiencing
1. full employment
2. an economic boom,
3. a recession.
What will happen in each case if it's only temporary? What will happen in each case if it's permanent?
