Examlex
In March a factory used new technology to produce its output. Then in August a fire destroys half the factory. The new technology shifted the factory's PPF ________ and the fire shifted it ________.
Actual Output
The real quantity of goods and services produced by an economy, as opposed to its potential or desired output.
Long-Run Equilibrium
A state in economics where all factors of production and outputs are fully optimized, with no external pressures causing shifts.
Long-Run Aggregate Supply
The total supply of goods and services that an economy can produce when it is using all of its resources efficiently and sustainably.
Actual Price Level
The current market price of goods and services, reflecting the true purchasing power of money at a given time.
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