After not playing baseball for 3 years in college because of having a total hip replacement, and then coming back to play professionally once I graduated, and get the opportunity to play on a team like the @wcthunderbolts we had in 2007 and 2008...it was like a dream come true. This was a night I will never forget.
During this period, the average expansion was approximately 58 months, and the average contraction was approximately 11 months. Expansion is the default mode of the U.S. economy, and the average expansion time period has continued to average longer over time.
At the short run equilibrium (P3 and 400bn real output) there is a negative output gap of 100bn, given that the maximum possible output is 500bn.A negative output gap is also called a recessionary gap. In the Classical system, the economy is assumed to self-adjust.n this case, the short run equilibrium is at a higher level of real output than the economy can actually produce, as illustrated below. The short run equilibrium position (P6 and a real poutput of 550bn) is above the full employment, creating a positive output gap.