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Discuss the differences between the microeconomic definitions of supply and demand and the macroeconomic differences of aggregate supply and demand.

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Nusrat Fatima
Nusrat FatimaLv10
28 Sep 2019

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Related questions

The basic tools of supply and demand are:

A. useful only in the analysis of economic behavior in individual markets.

B. useful in analyzing the overall economy, but not in analyzing individual markets.

C. central to microeconomic analysis, but seldom used in macroeconomic analysis. 

D. central to macroeconomic analysis as well as to microeconomic analysis.

What are the major differences between Keynesian and Neoclassical synthesis in the context of Aggregate Demand and Aggregate Supply?

1. Discuss the difference between an increase in the aggregate demand curve and an increase in the quantity of real GDP demanded. Include a discussion of how the price level relates to each event.

2. What are the major factors that determine investment, and what impact does each have on aggregate demand?

3. Describe the difference between a microeconomic demand curve and an aggregate demand curve.

4. The aggregate demand curve portrays the relationship between the price level and real GDP. What are the three reasons this relationship is a negative or inverse relationship? Provide brief illustrations of each.

5. What role do imports play in aggregate demand? Under which conditions will changes in imports expand aggregate demand? Reduce aggregate demand?

6. Shifts in the Aggregate Supply Curves

List and discuss the things that will make the Short Run Aggregate Supply curve shift to the left or to the right. Illustrate.

List and discuss the things that will make the Long Run Aggregate Supply curve shift to the left or to the right. Illustrate.

7. What is the natural level of output?

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