Distinguish between short-run equilibrium and long-run equilibrium.
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There is an important distinction between a short-run equilibrium and a long-run equilibrium. The short-run equilibrium says that this price adjustment hasn't happened yet, and so it just provides the real GDP that exists right now. ... Well, a long-run equilibrium means that everything that can change has changed.
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The short-run equilibrium says that this price adjustment hasn't happened yet, and so it just provides the real GDP that exists right now. Well, a long-run equilibrium means that everything that can change has changed.
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