Question

Using proper diagrams, explain the determination of national income in the short run and long run

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Answer 1

Explanation:

Image result for Short run vs long run macroeconomics

Key Takeaways. The short run in macroeconomics is a period in which wages and some other prices are sticky. The long run is a period in which full wage and price flexibility, and market adjustment, has been achieved, so that the economy is at the natural level of employment and potential output.

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