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Because the price level does not affect the long-run determinants of real GDP, the long-run aggregate-supply is vertical.
Q114: Refer to Figure 33-5. The shift of
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Q247: The most important reason for the slope
Q249: Assume the MPC is 0.625. Assume there
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Q484: Given that firms change their prices infrequently,
Q507: Other things the same, if the U.S.
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Q525: Menu costs help explain<br>A) sticky-price theory.<br>B) misperceptions
Q529: Other things the same, a decrease in