Suppose the economy is initially in long-run equilibrium.For each of the shocks listed below,explain the long-run effects on output and the price level.
(a)Labor supply decreases.
(b)The government shuts down the Bureau of Economic Analysis.
(c)Productivity increases.

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The Answer of Suppose the economy is initially in long-run equilibrium.For each of the shocks listed below,explain the long-run effects on output and the price level.
(a)Labor supply decreases.
(b)The government shuts down the Bureau of Economic Analysis.
(c)Productivity increases.

Suppose the Economy Is Initially in Long-Run Equilibrium