Using aggregate demand, short-run aggregate supply, and long-run aggregate supply curves, explain the process by which each of the following economic events will move the economy from one long-run macroeconomic equilibrium to another. Illustrate with diagrams. In each case, what are the short-run and long-run effects on the aggregate price level and aggregate output? a. There is a decrease in households' wealth due to a decline in the stock market. b. The government lowers taxes, leaving househo
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The following graph shows a hypothetical aggregate demand curve (AD), short-run aggregate supply curve (AS), and long-run aggregate supply curve(LRAS) for the economy in January 2025. According to the graph, this economy is in a recession. To bring the economy back to the naturallevel of output, the government could use a contractionary monetary or fiscal policy such as increasing taxesShift the appropriate curve on the following graph to illustrate the effects of the policy you chose.PRICE LEVE
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a. Show, in an aggregate supply and demand framework, the long- and short-run effects of a decline in the real price of materials (a favorable supply shock). b. Describe the adjustment process, assuming that output began at its natural (fullemployment) level. | Numerade
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