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Source memory failure Mixing up who said what in a conversation that happened in the past is an instance of ___________ memory failure,a problem that affects older more than younger adults.
Short-Run Aggregate Supply
Shows the relationship between the price level and the quantity of goods and services that firms are willing and able to supply in the short term, holding some inputs fixed.
Long-Run Equilibrium
The price level and real GDP that occurs when (1) the actual price level equals the expected price level, (2) real GDP supplied equals potential output, and (3) real GDP supplied equals real GDP demanded.
Aggregate Demand Curve
Represents the total quantity of all goods and services that households, businesses, and government are willing to buy at each price level in an economy.
Recessionary Gap
A situation where the real Gross Domestic Product (GDP) is lower than the potential GDP, indicating underperformance in an economy.
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