Recall the AD-AS model you learned in this course.

Assume that at the end of 2023 the economy is in the long run equilibrium, depicted as follows:

Assume that in 2024 the exogenous component of consumption has declined. Assuming that no other change or policy takes place, which one of the following diagrams depicts the short run equilibrium after the exogenous change in consumption?

1. 

2. 

3. 

4. 

5.