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If equilibrium GDP is below potential,then
Elasticity
A measure of how much the quantity demanded of a good or service changes in response to a change in its price or other factors, such as consumers' income.
Labor Demand
The total amount of workers that employers are willing and able to hire at a given wage rate in a particular market or industry.
Wage Rate
The amount of money paid to a worker per unit of time, serving as compensation for labor services.
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