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Demonstrate on a graph the effect on output and the price level if there is an increase in aggregate demand along the nearly flat part of the aggregate supply curve.
Economic Impact
The effect of an event, policy, or market condition on the economy, which can be observed in changes to GDP, employment, or investment.
Price Floor
A government-imposed limit on how low a price can be charged for a product, typically above the equilibrium price to help producers.
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a given price over a specified period.
Rationing Mechanism
A system or method used to distribute scarce resources or goods among consumers, often based on criteria other than price.
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