Suppose that AD and AS intersect at an output level that is higher than the full-employment output
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Suppose that AD and AS intersect at an output level that is higher than the full-employment output level. After the economy adjusts back to equilibrium in the long run, the price level will be _______.
a. higher than it is now
b. lower than it is now
c. the same as it is now
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c the same as it is now When AD and AS intersect at an output level higher than the ful...View the full answer
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Related Book For
Macroeconomics
ISBN: 9781264112456
22nd Edition
Authors: Campbell McConnell, Stanley Brue, Sean Flynn
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