Suppose that during the past 3 years equilibrium real GDP in a country rose steadily from $450

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Suppose that during the past 3 years equilibrium real GDP in a country rose steadily from $450 billion to $500 billion, but even though the position of its aggregate demand curve remained unchanged. Its equilibrium price level steadily declined from 110 to 103. What could have accounted for these outcomes? and what is the term for the change in the price level experienced by this country?
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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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