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For the following question(s) ,assume that the economy is in long-run equilibrium in the aggregate demand/aggregate supply model and that some sort of event takes place.In each case,mark the most likely impact of the event on the aggregate demand/aggregate supply diagram given below.
Figure 10-19
-Refer to Figure 10-19.A major technological advance occurs.
Variable Costs
Variable costs are expenses that change in proportion to the activity of a business, such as sales volume or production levels.
Credit Terms
The conditions, including payment deadlines and interest rates, under which credit is extended to a borrower.
Aging Schedules
Timetables in accounting that categorize a company's accounts receivable according to the length of time an invoice has been outstanding.
Overdue Accounts
Financial accounts or receivables that have not been paid by the due date.
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