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What is the size of the newborn human brain relative to that of an adult?
Short-Run Aggregate Supply
The total supply of goods and services that firms in an economy plan on selling during a specific time period, assuming that the prices of inputs remain constant.
Sticky Prices
Refers to the resistance of prices to change, despite shifts in the broader economy or a product's supply and demand.
Price Level
An index or average that reflects the overall price of goods and services in an economy at a given time, often used to measure inflation or deflation.
Long-Run Aggregate Supply
The Long-Run Aggregate Supply represents the total production of goods and services in an economy at full employment, unaffected by short-term fluctuations.
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