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Fundamentals of Economics
, Second Edition
William Boyes, Arizona State University
Michael Melvin, Arizona State University
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Chapter Review
Chapter 12:
Macroeconomic Equilibrium: Aggregate Demand and Supply
- What is aggregate demand?
- What causes the aggregate demand curve to shift?
- What is aggregate supply?
- Why does the short-run aggregate supply curve become steeper as real GDP
increases?
- Why is the long-run aggregate supply curve vertical?
- What causes the aggregate supply curve to shift?
- What determines the equilibrium price level and real GDP?
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