Problem
When the price of a specific product increases, individual firms can generally expand their output by a larger amount in the long run than in the short run. For the economy as a whole, however, an unexpected increase in the price level leads to a larger expansion in output in the short run than in the long run. Can you explain this apparent paradox?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.