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World War II
World War II was a global conflict that lasted from 1939 to 1945, involving most of the world's nations and culminating in significant changes to political boundaries and power structures.
Sticky-Wage Theory
Sticky-Wage Theory suggests that wages are slow to adjust to the equilibrium level due to contracts, worker morale, and employer incentives, contributing to unemployment during economic downturns.
Expected Price Level
The anticipated average price of goods and services in the economy for a future period, which can influence consumer and business expectations and behaviors.
Aggregate Supply Curve
The aggregate supply curve represents the total quantity of all goods and services that producers in an economy are willing and able to supply at different price levels.
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