Suppose the economy is at a short-run equilibrium GDP that lies above potential GDP
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Suppose the economy is at a short-run equilibrium GDP that lies above potential GDP. Which of the following will occur because of the automatic mechanism adjusting the economy back to potential GDP?
A) Output will increase.
B) Prices will decline.
C) Unemployment will decline.
D) Short-run aggregate supply will shift to the left.
Reason for choosing the selected answer will be a help.
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