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Avoid using red/black combinations, which color-blind people find illegible. _________________________
Price Level
refers to the average of current prices across the entire spectrum of goods and services produced in the economy.
Short-Run Aggregate Supply
The total supply of goods and services that firms in an economy plan on selling during a short time period, given the current price levels.
Aggregate Output
The total quantity of goods and services produced in an economy over a given period, often considered synonymous with real GDP.
Price Level
The standard price level of the wide variety of goods and services in the economy.
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