Explain and Illustrate How the Long-Run Equilibrium Levels of Output

question 37

Essay

Explain and illustrate how the long-run equilibrium levels of output and the price level are affected by a technological advance that increases labor productivity.

---

Definitions:

Nature and Nurture

The debate concerning the relative importance of an individual's innate qualities (nature) versus personal experiences (nurture) in determining or causing differences in physical and behavioral traits.

Practice Play

Activities or exercises engaged in repeatedly with the aim of improving or mastering a skill.

Evolutionary Sense

Pertaining to the interpretation or understanding of phenomena in terms of evolution and natural selection.

Innate Traits

Characteristics or qualities that an individual is born with, not acquired or learned.