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QUESTION

Describe how adjustments in wages and prices take the economy from the short-run equilibrium to the long-run equilibrium.

Describe how adjustments in wages and prices take the economy from the short-run equilibrium to the long-run equilibrium.

In the short run, AS curve is upward sloping showing the output produced at each level of price. If the prices are higher than the business sector would supply higher levels of real production and...
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