The figure below shows the determination of the equilibrium price level and real GDP in an aggregate demand-aggregate supply model.The movement shown in this figure is most likely to be caused by:
Definitions:
Variables
Elements or characteristics in research that can change or vary, often categorized as dependent or independent.
Correlation Coefficient
A numeric metric that determines the intensity and orientation of a linear association between two numerical variables.
Range
The difference between the highest and lowest values in a set of data.
Magnitude
The size, extent, or importance of something, often quantitative in nature.
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