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output demanded is
150 inversely related to the
price level, other things
constant.
100 This inverse relationship is
reflected by the aggregate
50 demand curve AD.
AD
0 2 4 6 8 10 12 14 16 Real GDP
(trillions of 2000 dollars)
Aggregate Supply
Positive relationship
Price level
Real GDP supplied
Other things constant
Resource prices
State of technology
Rules of the game – Govt. policies
Aggregate Demand and Aggregate
Supply