Question

describe why the slope of aggregate demand function is less than '1' (or 45 degree).

Answer 1

Answer:
The slope of aggregate demand function is 45 degree because 45 degree line represents an aggregate supply curve which denotes the idea that, as long as economy is operating at less then full employment, anything demanded will be supplied.
Throughout this line the planned expenditure is equal to planned output. The implication of 45 degree line is in case of any disequilibrium Aggregate Supply will adjust in such a way to equate to Aggregate demand restoring the equilibrium back.

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