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Essay Details:
Essay text:
It is drawn on the assumption that other things (e.g. the money supply, rates of taxation, the marginal propensity to consume) remain unchanged. Figure 28. I shows an aggregate demand curve.
WHY THE ADCURVE SLOPES DOWN FROM LEFT TO RIGHT:-
There are three main reasons why there is an inverse relationship between the general price level and aggregate demand and hence why the AD curve slopes down from left to right.
• A rise in the price level reduces the real value of people’s income and wealth and hence decreases their ability to consume.
• Higher prices increase people’s and firms’ demand to hold money for transactions purposes...
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