Business

26 May, 23:06

Suppose the full employment level of real output (Q) for a hypothetical economy is $500, the price level (P) initially is 100, and prices and wages are flexible both upward and downward. Refer to the accompanying short-run aggregate supply schedules. If the price level unexpectedly declines from 100 to 75, the level of real output in the short run will:

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