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The long-run and short-run aggregate supply curves reflect fundamental differences between long run and short-run macroeconomic analysis.
a. Graphically illustrate the long-run and short-run aggregate supply curves. Be sure to label the axes.
b. What determines the level of output in the long run versus the short run?
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according to classical economists the aggregate supply curve isa.vertical in both the long run and the short runb.
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