Suppose that there is a shift in the representative consumers preferences. Namely, the consumer prefers, given the
Question:
(a) Determine the effects of this on current aggregate output, current employment, the current real wage, current consumption, and current investment.
(b) Explain your results. What might cause such a change in the preferences of consumers?
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Labor supply shifts to the right so output supply also shifts to the right Consumption demand also i...View the full answer
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