1)Starting from long-run equilibrium

| August 14, 2017

1)Starting from long-run equilibrium, use the basic aggregate demand and aggregate supply diagram to show what happens in both the long run and the short run when consumers are more optimistic about the future of the economy. That is, demonstrate how the economy “contains within it the mechanism to self-correct.” Explain each step of the process. 2)Starting from long-run equilibrium, use the basic aggregate demand and aggregate supply diagram to show to show what happens in both the long run and the short run when consumers are more pessimistic about the future of the economy. That is, demonstrate how the economy “contains within it the mechanism to self-correct.” Explain each step of the process.

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