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A Primer on Macroeconomics, Second Edition, Volume II, 2nd Edition by Professor Thomas M. Beveridge

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CHAPTER 5

Aggregate Demand and Aggregate Supply

 

By the end of this chapter, you will be able to:

  • Define aggregate demand and explain why the aggregate demand curve has a negative slope.
  • Identify seven factors that can shift the position of the aggregate demand curve.
  • Describe how aggregate demand is affected by fiscal and monetary policy actions.
  • Distinguish between the short run and the long run.
  • Explain the slope and location of the long-run aggregate supply curve.
  • Explain the slope of the short-run aggregate supply curve and its relationship to the long-run aggregate supply curve.
  • Identify the factors that shift the long-run and short-run aggregate supply curves.
  • Explain how the economy achieves short-run equilibrium.
  • Outline the operation ...

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