The major limitation of both the Keynesian approach and the monetarist approach is that both

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Both the Keynesian and Monetarist approaches study the aggregate demand curve and focus on the determination of real GDP equilibrium without including the price level. However, to understand the relationship between price level and output, the aggregate supply curve must be included in the analysis. Therefore, the major limitation of both approaches is that they do not consider the aggregate supply curve, and thus cannot fully explain the relationship between price level and output.

The Major Limitation of Both the Keynesian Approach and the Monetarist