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If people correctly anticipate that inflation will fall by 1%, then
Production Function
A mathematical model that describes the relationship between inputs (like labor and capital) and the maximum output that can be produced with those inputs.
Input
Resources used in the production process to create goods or services.
Inputs
Resources such as labor, materials, and capital used in the process of production.
Output
The quantity of goods or services produced by a firm, industry, or economic system.
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