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a. a short-run equilibrium but not a long-run equilibrium. b. a short-run equilibrium and long-run equilibrium. c. a long-run equilibrium but not a short-run equilibrium. d. neither a short-run equilibrium nor a
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Suppose the economy is in a long-run equilibrium initially. a. Draw and attach a diagram to illustrate the state of the economy at the initial long-run equilibrium. Be sure to show aggregate
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