In your own words, explain AS and AD curve and the resulting equilibrium. Specifically, describe why the two curves are upward or downward sloping; what the main factors are shifting these curves; and characterize the equilibrium at the intersection of the two curves. 

You might write about 400 words. Be precise; pay attention to grammar and style. Sloppy submissions will earn zero credit! After you submit and after the due date, you will be assigned to peer review classmates’ contributions.