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For the reaction 2NO(g) + O2(g) 2NO2(g)
At a certain temperature, the equilibrium concentrations were found to be [NO2] = 2.6 *10-3 M, [O2]= 1.0 *10-2 M, and [NO] = 2.0 * 10-3 M. Calculate the value of the equilibrium constant from these data (delete units) .
Adverse Supply Shock
A sudden and significant decrease in the supply of a good or service, which typically leads to an increase in prices and can temporarily boost inflation.
Short-run Phillips Curve
A graphical representation showing the inverse relationship between the level of unemployment and the rate of inflation in an economy over the short-term.
Inflation
The degree of uptick in the universal valuation of goods and services, weakening purchase potency.
Natural Rate
The unemployment rate at which the economy operates when it is at full employment, reflecting the long-term levels of unemployment due to structural factors in the labor market.
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