|10-6. Suppose that during the past 3 years, equilibrium
|real GDP in a country rose steadily, from $450
|billion to $500 billion, but even though the position
|of its aggregate demand curve remained
|unchanged, its equilibrium price level steadily
|declined, from 110 to 103. What could have
|accounted for these outcomes, and what is the
|term for the change in the price level experienced
|by this country? (See page 219.)
|this can happen when aggregate supply rise in short run. This will shift equilibrium from E to E1.
|the rise in supply could be due to short term reasons like a rise in productivity levels or a sudden rise in labor participation levels.
10-6. Suppose that during the past 3 years, equilibrium
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