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Exhibit: AD-AS Shifts
-(Exhibit: AD-AS Shifts) Starting from long-run equilibrium at A with output equal to and the price level equal to P1, if there is an unexpected monetary contraction that shifts aggregate demand from AD1 to AD3, then the long-run neutrality of money is represented by the movement from:
Instrument
A formal legal document that represents a right or interest, such as a check, promissory note, or bond.
Credit
The ability to obtain goods or services before payment, based on the trust that payment will be made in the future.
Uniform Commercial Code
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions.
Non-negotiable Instrument
A document or contract that cannot be transferred or assigned from one person to another in a way that the receiver obtains the legal right to it.
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