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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.

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CURRENT PRODUCTION

The production of final goods and services that takes place during a given time period. The emphasis here is on time period, especially the CURRENT time period. The macroeconomy's prime measure of current production is gross domestic product. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.

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