3. (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? <br>As a student, you study for long periods during exam week and exceed your normal study time. For a short period of time, you can study for 14 to 18 hours per day. You could not keep up this pace for longer than a brief period. This example is similar to the economy producing beyond its potential output for an extended period of time. Triple shifts and overtime cannot go on forever. The employees become burned out.
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