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Figure 3-1
-Refer to Figure 3-1. A decrease in the price of a complementary good would be represented by a movement from
Potential Output
The highest level of real GDP (gross domestic product) that can be sustained over the long term without increasing inflation.
Expected Price Level
The anticipated average level of prices for all goods and services in an economy for a future period, influenced by current and forecasted economic conditions.
Real Wage
The buying capacity of salaries once corrected for inflation, showing the amount of products and services that can be purchased.
Nominal Wage
The wage or salary paid to labor in current dollars, unadjusted for inflation, representing the face value of earned income.
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