Examlex
A long run equilibrium occurs at the intersection of the short-run aggregate supply curve and the
Price Level
A measure of the average prices of goods and services in an economy at a specific time, often used to assess inflation.
Equilibrium World Price
The price at which the global supply of a good matches the global demand for that good.
Diagram
A simplified drawing or chart used to visually represent information or a system in a clear and concise manner.
Price Level
The mean of current prices for all goods and services produced within the economy.
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