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## Classical supply curve

Classical economist believe that there are no short-run rigidities and that only real variables determine output. This means that the…

## The natural level of output

The natural level of output, depicted as the Long Run Aggregate Supply (LRAS) curve is the level of output that…

## Relative supply

Consider the following two economies: home and foreign. Both are endowed with 100 units of labor and both produce cheese…

## MaxiMin Strategy/MiniMax strategy

In game theory, Maximin/Minimax are strategies used when playing games. The strategy in this case is to maximize the smallest possible…

## Calculating GDP growth

GDP growth is defined as the percentage change in GDP. It is a measurement that is used to see how…