Consumer response as overall prices change in the market

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Reference no: EM131101521

Each of the following statements is related to the AD-AS model. Using the labels below, decide whether each statement refers to the aggregate demand curve, the short-run aggregate supply curve, or both.

Represents a change in consumer response as overall prices change in the market.

Characterized by the wealth effect and the interest rate effect. Determines the level of aggregate output in the economy.

Represents a change in producer response as overall prices change in the market.

Reference no: EM131101521

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