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In the Long-Run the aggregate price level has NO effect on the quantity of aggregate output supplied.
The Long-Run Aggregate Supply Curve shows the relationship between the aggregate supply level and the quantity of aggregate output supplied that would exist if all prices, including nominal wages, were fully flexible.
Inflation and deflation have the same effect as someone changing all prices by the same proportion. As a result
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- Mind Map on Enter text here, created by Daniel Mendez on 23/04/2018.
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- Daniel Mendez
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