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The figure below reflects the inverse relationship between the inflation rate and the unemployment rate.If the economy is initially at point c and aggregate demand increases,the economy will in the long run:
Figure 16.4
Supply
The total amount of a product or service that is available to consumers in the market at current prices.
Quantity
Quantity refers to the amount or number of a material or immaterial good or service, often considered in terms of units or pieces.
Key Input
A crucial factor or resource required for the production process in an industry or manufacturing, significantly impacting the output.
Supply
The total amount of a good or service available for purchase at any given price level in a market.
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