Economics Homework Help

–How would an increase in the supply of labor affect the natural level of employment and potential output? How

would it affect the real wage, the level of real GDP, and the price level in the short run? How would it affect long-run aggregate supply? What kind of gaps would be created? –

–Suppose the minimum wage were increased sharply. How would this affect the equilibrium price level and output level in the model of aggregate demand and aggregate supply in the short run? In the long run?

–Explain the short-run impact of each of the following. 

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