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Starting from Long-Run Equilibrium,use the Basic Aggregate Demand and Aggregate

question 157

Essay

Starting from long-run equilibrium,use the basic aggregate demand and aggregate supply diagram to show what happens in both the long run and the short run when there is an increase in wealth.


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Net Earnings

Take-home pay, calculated by subtracting total deductions from gross earnings.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a tax authority.

Weekly Salary

The total amount of money earned by an employee for work done in a single week.

Fourth Of July

A holiday in the United States commemorating the adoption of the Declaration of Independence on July 4, 1776.

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