economy as a whole, depended on the effective demand for output. Explain what Keynes meant by the effective demand for output. Is this equilibrium level of employment always consistent with full employment? What would happen if wages fell due to unemployment? Elaborate.

economy as a whole, depended on the effective demand for output. Explain what Keynes meant by the effective demand for output. Is this equilibrium level of employment always consistent with full employment? What would happen if wages fell due to unemployment? Elaborate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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