Great Recession of 2007-2009 is the economic event in u.s. history.
What would happen if the as was changed to AS1?
- Consult the illustration. If the aggregate supply curve changed from AS1 to AS1 but the aggregate demand curve remained at AS1, we may conclude that the aggregate supply has shrunk, equilibrium production has shrunk, and the price level has risen.
- The consumption, investment, government, and expenditure on exports less imports components of aggregate demand all grow when the AD curve, often known as the AD curve, moves to the right. As these components decrease, the AD curve will turn back to the left.
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