Divided into short-run and long-run measures

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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 aggregate supply curve, or both.

(Hint: 2 are AS and 2 are AD)

Divided into short-run and long-run measures, which differ significantly.

Represents a change in consumer response as overall prices change in the market. Characterized by the wealth-effect and the interest-rate effect.

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

Reference no: EM13771590

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