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When the price level rises, the long- run aggregate supply curve .
Circular Flow Model
An economic model illustrating the continuous flow of goods, services, and money between households and businesses in an economy.
Public Agency
An organization operated by the government to manage specific functions or provide services such as education, health, or transportation.
Business Structure
The legal and organizational framework chosen by a company that defines its operations, liabilities, responsibilities, and regulatory obligations.
Sole Proprietorship
An unincorporated firm owned and operated by one person.
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Q473: Suppose the consumption function is given by