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QUESTION 9 The following are the labour market and the multiplier diagrams, representing the medium-run supply side and the short-run demand side of the aggregate

QUESTION 9

The following are the labour market and the multiplier diagrams, representing the medium-run supply side and the short-run demand side of the aggregate economy, respectively:

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Labour supply Supply side (medium & long run) Labour productivity A Price-setting curve Real wage Wage-setting curve 8.5 Employment, N Demand side (short run) AD (high) B AD (normal) L AD (low) C Aggregate demand, AD normal recession boom 45 8.5 Output, Y

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