PA LRAS AS Y 400 700 800 Aggregate output (in millions) 14. Refer to the above Figure. Which of the following statements

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Pa Lras As Y 400 700 800 Aggregate Output In Millions 14 Refer To The Above Figure Which Of The Following Statements 1 (45.91 KiB) Viewed 11 times

PA LRAS AS Y 400 700 800 Aggregate output (in millions) 14. Refer to the above Figure. Which of the following statements characterizes an output level of $800 billion? a. It is sustainable over the long run without inflation. b. It is achievable only in the long run. c. It is attainable in the short run but it is associated with increases in the price level. d. It can be achieved only if investment is independent of the interest rate. 15. Refer to the above Figure. The output level of $700 billion is called: a. short run equilibrium. b. long run equilibrium. c. recession d. potential output. e. (b) and (d) only. Price level