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Question: You operate a business in which you manufacture furniture. You are able to increase your furniture prices by 5 percent this quarter. You assume that the demand for your furniture has increased and begin increasing furniture production. Only later do you realize that prices in the macroeconomy are rising generally at a rate of 5 percent per quarter. This is an example of what effect? What does it imply about the slope of the short-run aggregate supply curve?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92252350

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