An economy, initially at its medium-run supply-side equilibrium, experiences a sudden and persistent decline in autonomous consumption. Arrange the following events in the chronological order they would occur according to the combined labor market and multiplier model.
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An economy, initially at its medium-run supply-side equilibrium, experiences a sudden and persistent decline in autonomous consumption. Arrange the following events in the chronological order they would occur according to the combined labor market and multiplier model.