Suppose the economy is self-regulating, the price level is 132, the quantity demanded of Real GDP is$4 trillion, the quantity supplied of Real GDP in the short run is $3.9 trillion, and the quantity supplied of Real GDP in the long run is $4.3 trillion. Is the economy in short-run equilibrium? Will the price level in long-run equilibrium be greater than, less than, or equal to 132? Explain your answers
Given that price level is $132
Real GDP $4 trillion natural
$3.9 trillion in short run,
$4.3 trillion long run. Naturally an economy can be either at...
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