Refer to the graph above. Suppose that the economy is at an initial equilibrium where the AD1 and AS1 curves intersect. If cost-push inflation occurs and the government adopts a "hands-off" policy approach, then in the long run the price level will be at:
Definitions:
Primary Socialization
The initial phase of socialization in human life, where individuals, especially children, learn the basic norms, values, behaviors, and social skills necessary for participating within their society.
Secondary Socialization
The process of learning appropriate behavior within smaller sections of the larger society, occurring after primary socialization.
Resocialization
The process by which individuals learn new norms, values, and behaviors, replacing those from a previous social context, often occurring in radically different or new environments.
Childhood
The period of a person's life from birth to adolescence, characterized by rapid physical growth, development, and learning.
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