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October 31, 2014

Homework Help: Macroeconomics

Posted by Cody on Tuesday, June 19, 2012 at 2:57pm.

Describe how each of the following will affect the equilibrium price level(P) and real output(Y) in the short run(Assume the economy is initially in the long-run equilibrium.)
(a) A reduction in the real interest rate
(b) A widespread fear of deep recession on the part of consumers
(c) An increase in the average wage rate

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