9 Nov 2021
Problem 32
Page 600
Section: REVIEW QUESTIONS
Chapter 24: The Aggregate Demand/Aggregate Supply Model
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9 Nov 2021
Introduction
AD refers to the total demand for goods and services in a particular period in an economy. Whereas, AS refers to the total supply of goods and services in a particular period in an economy. It can be also called total output. Long-term growth is an increase in Real GDP in an economy in a year caused by an increase in AD or an increase in LRAS.
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