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(Solved): Draw (in the AD/AS model) and explain what happens to the Lonely Mountain economy on its own in the ...



Draw (in the AD/AS model) and explain what happens to the Lonely Mountain economy on its own in the long run as a result of a) if no policy response occurs. What happens to the price level, unemployment and real GDP in the long run? Include all the dynamics. Is this inflation?Explain why or why not. If so, what is it called?



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