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Everything Else Held Constant,if Aggregate Output Is to the Right

question 127

Multiple Choice

Everything else held constant,if aggregate output is to the right of the IS curve,then there is an excess ________ of goods which will cause aggregate output to ________.


Definitions:

Perfectly Competitive

a market structure characterized by a large number of small firms, a homogeneous product, perfect information, and no barriers to entry or exit.

Patents

Legal documents granting an inventor exclusive rights to produce, use, and sell their invention for a specific period of time.

New Drugs

Refers to medications or therapies that have recently been developed and introduced to the market, typically after undergoing rigorous testing and approval processes.

Manufacture

The process of making goods on a large scale using labor and machines, typically within a factory setting.

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