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Illustrate the short-run and long-run impact of an unexpected monetary contraction using both the AD-AS model and the Phillips curve. Assume the economy starts initially at full employment.
Tax Revenue
The income that a government receives from taxes imposed on individuals and businesses.
Tax
Mandatory financial charge imposed by a government on individuals, corporations, or transactions to fund public expenditures.
Demand Curve
A visual depiction showing how the demand for a product varies with its price, usually illustrated with a line that slopes downwards towards the right.
Buyers
Persons or organizations that acquire products or services in the marketplace.
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