Figure 33-4
-Refer to Figure 33-4. The short-run equilibrium is defined by the given AD and SRAS curves. Which of the long-run aggregate-supply curves is consistent with a short-run economic a recession?

Question

Figure 33-4 Figure 33-4 -Refer to Figure 33-4. The short-run equilibrium is defined by the given AD and SRAS curves. Which of the long-run aggregate-supply curves is consistent with a short-run economic a recession? A) LRAS3 B) LRAS2 C) LRAS1 D) Both LRAS3 and LRAS1

Figure 33-4 -Refer to Figure 33-4. The short-run equilibrium is defined by the given AD and SRAS curves. Which of the long-run aggregate-supply curves is consistent with a short-run economic a recession? A) LRAS<sub>3</sub> B) LRAS<sub>2</sub> C) LRAS<sub>1</sub> D) Both LRAS<sub>3</sub> and LRAS<sub>1</sub>

-Refer to Figure 33-4. The short-run equilibrium is defined by the given AD and SRAS curves. Which of the long-run aggregate-supply curves is consistent with a short-run economic a recession?

Quizplus · Accepted Answer

In a recession, the short-run equilibrium output is below the long-run potential output. LRAS₃ represents a lower potential output level, consistent with a recessionary gap.

Figure 33-4 -Refer to Figure 33-4. the Short-Run Equilibrium Is Defined by Is