Demand-side changes explain everything about stagflation.
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Q5: The aggregate supply curve is shifted to
Q6: The recessions of the 1970s are often
Q7: Wages are the major element of cost
Q8: The money wage rate has little effect
Q9: A higher expected price level would shift
Q11: Holding wages constant, any increase in productivity
Q12: Improvements in productivity shift the aggregate supply
Q13: The aggregate supply curve is the relationship
Q14: The equilibrium price level and the equilibrium
Q15: A change in the aggregate price level
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