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In the long run, real output is determined by the LRAS curve while the price level is determined by the position of the AD curve
In the long run, real output is determined by the LRAS curve while the price level is determined by the position of the AD curve because: d. The LRAS curve is horizontal a. The long-run AD curve is downward sloping c. The LRAS is vertical b. The intermediate rage of the AS curve is upward sloping
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Microeconomics and Behavior
Authors: Robert Frank
9th edition
9780077723750, 78021693, 77723759, 978-0078021695
