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Suppose that during the Great Depression long-run aggregate supply shifted left.To be consistent with what happened to the price level and output,what would have had to happen to aggregate demand?
Substitute Good
A product or service that can be used in place of another to satisfy similar needs or desires, often influencing consumer choices and market dynamics.
Equilibrium
A situation in a market where the quantity demanded equals the quantity supplied, leading to no net change in price.
Quantity Supplied
The total amount of a good or service that producers are willing to sell at a given price level.
Compact Disks
Optical storage media used to store data, including music and software, now largely superseded by digital formats.
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