a) What is the AD curve? What is it's slope? Why?
b) What is the SRAS curve? What is it's slope? Why?
c) What is the LRAS curve? What is it's slope? Why?
d) What is the short-run equilibrium in the AD-AS model?
e) What is the long-run equilibrium in the AD-AS model?
f) Assume the economy is initially in a long-run equilibrium.
Describe the movement from a short-run to a long-run equilibrium following an increase in demand (AD shifts to the right).
What is the short-run equilibrium gap called? Why?
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