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Suppose the economy is self-regulating,the price level is 120,the quantity demanded of Real GDP and the quantity supplied of Real GDP in the short run both equal $5.7 trillion,and the quantity supplied of Real GDP in the long run is $5.2 trillion.Given all of this information,we can conclude that the economy ____________ in short run equilibrium,and that the price level in long run equilibrium will be _____________ than 120.
Independent
A term in statistics indicating that two variables have no association or influence on each other.
Deck
A collection of slides compiled for a presentation, or a set of cards used in playing card games.
Independent of Suits
A term often used in card games, meaning the game's outcomes or rules do not depend on the suit of the cards.
Cards
A piece of stiff paper, plastic, or other material, typically rectangular in shape, used for playing games, education, or as tokens.
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