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Suppose that Congress increases income taxes. Determine the short-run effect of this on the aggregate price level and on aggregate output. a. Which curve shifts:

Suppose that Congress increases income taxes. Determine the short-run effect of this on the aggregate price level and on aggregate output. a. Which curve shifts: AD or SRAS? b. Does it shift to the left or the right? c. What happens to aggregate price level? d. What happens to aggregate output

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