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There is an increase in the expected rate of inflation in the economy. For the question below, write an explanation of the short-run effect

 

For the question below, write an explanation of the short-run effect (including the determinant of AD or AS that is causing the shift, the line that shifts (AD or AS), the direction of the shift (left or right), and the impact on output and price level (increase or decrease) and provide a properly drawn and labeled aggregate demand and aggregate supply graph for the scenario.


There is an increase in the expected rate of inflation in the economy.


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