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Explain what is the short-run effect of a fiscal contraction (lower government spending for example)? What happens to the nominal wage rate during the process of moving from short-run equilibrium to long run equilibrium? What about real wage rate. Draw carefully all the steps from the initial equilibrium to short and long-run equilibrium.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91231920

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