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According to the Theory of New Classical Economics, If Productivity

question 64

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According to the theory of new classical economics, if productivity decreases, the aggregate supply curve shifts _____ and the price level rises, while aggregate output_____.


Definitions:

Verdict

The decision made by a jury or judge in a legal case, concluding the trial and determining the outcome.

Judgment

A formal decision made by a court regarding the rights and liabilities of parties in a legal action or proceeding.

Diversity of Citizenship

A legal principle allowing federal courts to hear cases where the parties are citizens of different states or countries, aiming to prevent state court bias.

Principal Place of Business

The primary location where a corporation's executives direct, control, and coordinate the business activities.

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