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4. ... output,
..
2. .. . reduces L1 L2 Labor,L L1 L2 Labor,L
the real wage 3. ...which raises
for a given
employment,..
nominal wage,..
(c) Aggregate Supply
Pric e level,
P Y 5 Y1 a(P 2 Pe)
P2
6. The aggreg
P1 supply curve
summarizes
these changes
1. An increase
in the price Y1 Y2 Inc ome, output
Y
level
..
5. ... and income.