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Chapter 11 Analyzing Macro Equilibrium To
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Book Summaries |
A. Classical economics
II. Classical economics
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IV. Classical vs Keynesian equilibrium
A. Classical explanation
1. Prices are flexible, output is
stable.
2. Changes in AD cause prices to
change, AS determines Real GDP.

B. Keynesian explanation
1. Output adjusts, prices are stable.

C. Aggregate supply over the business cycle

1. QU represents a
recessionary level of Real GDP.
2. QF represents a
full-employment level of Real GDP.
D. Manipulating equilibrium
| V. General Equilibrium and Economic Efficiency from UC Berkely |
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