What part of the business cycle (expansion, contraction, peak, trough) is the economy likely in based on the graph above? Describe the likely economic conditions in this economy.

ENGR.ECONOMIC ANALYSIS
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What part of the business cycle (expansion, contraction, peak, trough) is the economy likely in based on the graph above? Describe the likely economic conditions in this economy.

 
Price Level
Recessionary Gap
LARS
SARS
*
Recessionary Gap
Real GDP
Aggregate Demand
Wall StreetMojo
Transcribed Image Text:Price Level Recessionary Gap LARS SARS * Recessionary Gap Real GDP Aggregate Demand Wall StreetMojo
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