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What do economists believe is the relationship between the price level (P) and real output (Y) in the short run and in the long run, and how does this answer differ depending on which time frame is being considered? How are these beliefs reflected visually in the AS-AD model? In particular, why are the SRAS and LRAS curves upward sloping and vertical, respectively?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9492018

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