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The economy is in the horizontal portion of the AS curve,there is no liquidity trap and investment is sensitive to changes in the interest rate.According to the Keynesian transmission mechanism,if the money supply drops the interest rate will __________,investment spending will __________,the AD curve will shift to the __________,and the price level will __________.
Entry of Firms
This term refers to the process by which new businesses enter into an industry, contributing to competition and potentially influencing market dynamics.
Price Leadership
A pricing strategy where one dominant firm in an industry sets the price for products or services, and other firms in the market follow suit.
Average Total Cost
The total cost of production divided by the number of units produced, reflecting the cost per unit.
Search Cost
The time, effort, and financial expense incurred by consumers or firms in looking for information or resources, goods, and services.
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