Economy entered the great recession starting

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Reference no: EM131101482

Illustrate how the economy entered the Great Recession starting 2007/2008 using a classical Aggregate Supply/Aggregate Demand model. You need to present a formal model, explaining AD, short-run AS and long-run AS in some details (explain what they are and why they are the way they are) then explain the implications of the model in the context of the question. Please use a graph to also illustrate your answer.

Reference no: EM131101482

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