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Answer to Question #323544 in Macroeconomics for Given

Question #323544

Explain why recessionary gap and inflationary gap are closed

1
Expert's answer
2022-04-05T09:59:01-0400

As the actual wage returns to equilibrium, where the labor is required to match the quantity provided, inflationary and recessionary gaps diminish. However, due to nominal wage and price rigidity, such a change takes time.


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