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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?

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