Multiple pages must be stapled together Question1 A business cycle is described as alternating periods of...

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Output gap is the difference between actual output and potential output. When output gap is zero, the economy is operating at full employment or potential output. Thus in such a case equilibrium is attained at the intersection of all three curves, aggregate supply (AS) , long run aggregate supply

( LRAS) and aggregate demand (AD).

LRAS Real op

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