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Why Are the Long-Run Effects of an Increase in Aggregate

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Why are the long-run effects of an increase in aggregate demand on price and output different from the short-run effects?


Definitions:

Evolutionary Relationships

Connections among organisms based on common ancestry, which are discovered through genetic, morphological, and fossil records, illuminating the tree of life.

Naming

The act or process of assigning a name or title to something or someone.

Classify

To arrange or organize by categories based on shared qualities or characteristics.

New Species

A group of organisms that has evolved distinct characteristics, making it different from other previously identified species.

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