Based on the given figure, the economy is initially in long-run equilibrium at point A. If there is a favorable supply shock that increases potential output and shifts the long-run aggregate supply gap and the short-run aggregate supply curve from LRAS to LRAS', then there is initially curve will. LRAS LRAS SRAS "D SRAS SRAS' AD Ou Select one: O a. a recessionary; eventually shift to SRAS' O b. a recessionary; eventually shift to SRAS" O c. an expansionary; eventually shift to SRAS" O d. an expansionary; eventually shift to SRAS'

Based on the given figure, the economy is initially in long-run equilibrium at point A. If there is a favorable supply shock that increases potential output and shifts the long-run aggregate supply gap and the short-run aggregate supply curve from LRAS to LRAS', then there is initially curve will. LRAS LRAS SRAS "D SRAS SRAS' AD Ou Select one: O a. a recessionary; eventually shift to SRAS' O b. a recessionary; eventually shift to SRAS" O c. an expansionary; eventually shift to SRAS" O d. an expansionary; eventually shift to SRAS'

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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