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What is the long-run equilibrium in the extended aggregate demand and aggregate supply model?
Command-and-control Regulations
These are specific regulatory standards set by the government that dictate the limits for emissions, discharges, or other environmental controls that businesses must legally follow.
Democracy
A form of government in which power is vested in the people and exercised by them directly or through freely elected representatives.
Capitalism
An economic system in which private individuals or businesses own capital goods and the production of goods and services is based on supply and demand in the market.
Unpleasant Side Effects
Negative outcomes or consequences that may occur as a result of a particular action or policy.
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