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Suppose that the value of household wealth decreases after stock prices fall. As a result, output, Y , will and the price level will in

Suppose that the value of household wealth decreases after stock prices fall. As a result, output,

Y,

will

and the price level will

in the long

-

run.

in the short

-

run,

decrease; decrease

decrease; increase

increase; decrease

increase; increase

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