10-6. Suppose that during the past 3 years, equilibrium

10-6. Suppose that during the past 3 years, equilibrium

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.

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