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Suppose the data indicates a long run 2.3% inflation rate and a 3.1% growth rate for...

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Economics

Suppose the data indicates a long run 2.3% inflation rate and a 3.1% growth rate for potential GDP. What must have happened according to the AD-LRAS model? Aggregate demand shifted left, and long run aggregate supply shifted right. Aggregate demand shifted right, and long run aggregate supply shifted right. Aggregate demand shifted left, and long run aggregate supply shifted left. Aggregate demand shifted right, and long run aggregate supply shifted left. Aggregate demand shifted right, and long run aggregate supply did not shift.

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