This Graph Demonstrates How – Question: The attached graph shows an economy in long-run equilibrium, with the ELR point indicating discovered technology that increases productivity. In the graph, show how the economics of LRAS work. Suppose the new SRAS equilibrium is reached by moving to its corresponding new curves and locating the ELR point in the new equilibrium period E LR In
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This Graph Demonstrates How
The attached graph shows the economy in long-run equilibrium, with the ELR point indicating discovered technology that increases productivity. In the graph, show how the LRAS economy works. Assume that the new equilibrium SRAS by moving to its new corresponding curves and placing the point ELR in the new equilibrium period E LR In the long run, the general price level and real GDP (total product) decreases AD increases. Overall price level of real GDP In the long run, the overall price level and real GDP (total output) decrease, do not increase, do not change, decrease. In the long run, the overall price level and real GDP (gross domestic product) fall, do not change, decrease, increase
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