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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What is the difference between short-run equilibrium and long-run equilibrium?

To determine

Explain the difference between long-run equilibrium and short-run equilibrium.

Explanation

Short-run equilibrium occurs at the point where the aggregate demand and the short-run aggregate supply (SRAS) curve intersect each other. The short-run equilibrium arises at the full employment level...

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