The long run in macroeconomics is a period in which wages and prices are flexible and there is full market adjustment.
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Q152: In the long run, real output can
Q153: The long-run aggregate supply curve is vertical
Q154: The use central bank policies to influence
Q155: If an economy is operating at its
Q156: Use the following to answer questions .
Exhibit:
Q158: The short-run aggregate supply curve is vertical
Q159: Taking no action and allowing an economy
Q160: Use the following to answer questions .
Exhibit:
Q161: A change in the price level produces
Q162: Long-run aggregate supply corresponds to the level
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