Solved: Discuss what factors help determine potential output, Macroeconomics

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Discuss what factors help determine potential output

Problem

1. (Potential Output) Define the economy's potential output. What factors help determine potential output?

2. (Actual Price Level Higher than Expected) Discuss some instances in your life when your actual production for short periods exceeded what you considered your potential production.Why does this occur only for brief periods?

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.

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Macroeconomics: Discuss what factors help determine potential output

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