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Respond to the following in a minimum of 175 words: Discuss how the economy returns to equilibrium in response to changes in aggregate demand (AD) and aggregate supply (AS) in both the short run and...

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Respond to the following in a minimum of 175 words:

  • Discuss how the economy returns to equilibrium in response to changes in aggregate demand (AD) and aggregate supply (AS) in both the short run and long run.

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Answered Same Day Dec 11, 2021

Solution

Azra S answered on Dec 13 2021
139 Votes
Equili
ium in aggregate demand (AD) and aggregate supply (AS) in both short-term and long-term
Changes in Aggregate Demand and Aggregate Supply occur in both short-term and long-term in an economy. However, these are adjusted to return to equili
ium over a specified period.
Long-term, in macroeconomics refers to a period with flexible prices and wages. That is why in the long-term, opportunities of employment are at the natural levels and the Gross Domestic Project...
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