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The following graph shows the short-run aggregate supply curve (), the aggregate demand curve (), and the long-run aggregate supply curve () for a hypothetical economy. Initially, the expected price level is equal to the actual price level, and the economy is in long-run equilibrium at its natural rate of output, $110 billion.

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91247717

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