10-8. Assume that the position of a nation’s aggregate

10-8. Assume that the position of a nation’s aggregate

10-8. Assume that the position of a nation’s aggregate
demand curve has not changed, but the long-run
equilibrium price level has declined. Other things
being equal, which of the following factors might
account for this event? (See page 219.)
this canhappen when AS in short run rises.
a. An increase in labor productivity
YES AS will rise to reduce prices.
b. A decrease in the capital stock
No this will not lead to lower prices as As will fall .
c. A decrease in the quantity of money in
this will lower prices in long run as per classical theory
this is because money supply and prices are directly proportional in this theory.

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