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Use the following graph to answer the following questions.The graph depicts an economy where aggregate demand and long-run aggregate supply (LRAS) have decreased,with no change in short-run aggregate supply (SRAS) .
-As a result of aggregate demand and long-run aggregate supply decreasing,we can see that the price level ________ and real gross domestic product (GDP) ________.
Temperature
A physical quantity that expresses the subjective perceptions of hot and cold.
Scales Of Measurement
The systems used to categorize the nature of information that data provides, namely nominal, ordinal, interval, and ratio scales.
Nominal Scale
A scale of measurement used to categorize variables without providing any quantitative value or order.
Ratio Scale
A scale of measurement where there is a true zero and equal intervals, allowing for the comparison of magnitudes and the performance of mathematical operations.
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