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Exhibit: Aggregate Demand and Aggregate Supply and the Great Depression
-(Exhibit: Aggregate Demand and Aggregate Supply and the Great Depression) Which price level and output level best illustrates where the U.S. economy was before the Great Depression began?

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Use the following to answer questions .
Exhibit: Aggregate Demand and Aggregate Supply and the Great Depression

-(Exhibit: Aggregate Demand and Aggregate Supply and the Great Depression) Which price level and output level best illustrates where the U.S. economy was before the Great Depression began?

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Before the Great Depression, the U.S. economy was at a high level of output and price, which is typically represented by P_m and Y_m in economic models.

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