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QUESTION

What do you understand by ‘liquidity trap’ and what happens when the LM schedule is relatively inelastic? Elaborate your answer with the help of suitable diagrams showing what policy instrument is eff

What do you understand by ‘liquidity trap’ and what happens when the LM schedule is relatively inelastic? Elaborate your answer with the help of suitable diagrams showing what policy instrument is effective in the respective contexts to improve output?

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