Imperfect-information model

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Imperfect-information model is the model of aggregate supply emphasizing that individuals do not always know the overall price level because they cannot observe the prices of all goods and services in the economy.

Definition

According to Macroeconomics by Mankiw (7th edition),

Imperfect-information model. The model of aggregate supply emphasizing that individuals do not always know the overall price level because they cannot observe the prices of all goods and services in the economy.
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