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In Long-Run Macroeconomic Equilibrium, Actual Aggregate Output Equals Potential Output

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In long-run macroeconomic equilibrium, actual aggregate output equals potential output.


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Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy.

Price Level

A measure of the average prices of goods and services in the economy.

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The period of time that began on January 1, 2021, and ended on December 31, 2021.

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