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(Solved): a.The AD/AS model describes changes in the economy by relating real GDP (output) and the ...



a.The AD/AS model describes changes in the economy by relating real GDP (output) and the price level.
(i)Compare and contrast the Keynesian portion of the AD/AS model with the classical portion of the AD/AS model, and explain how the level of production is determined in each situation. Use graphs to explain your answer.
Answer:

(ii)Compare and contrast changes in aggregate demand and changes in aggregate supply in the AD/AS model. Use graphs to explain your answer.


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