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the aggregate supply curve describes the relationship between

The​ long-run aggregate supply curve​ is: The​ short-run aggregate supply curve​ has: ________ flexible wages and prices imply that the short-run aggregate supply curve is​ ________. It is represented by the aggregate supply curve, which describes the relationship between price levels and the quantity of output that firms are willing to Suppose the economy is producing at the natural rate of output. Most nations have economies made up of individual industries and sectors, with each one adding to the overall economy. Firms raise both prices and output in the short run as aggregate demand increases. The AD curve shows the quantity of goods and services desired by the people of a country at the existing price level. Aggregate supply (AS) slopes up, because as the price level for outputs rises, with the price of inputs remaining fixed, firms have an incentive to produce more and to earn higher profits. In other words, that person's demand curve would have to intersect with your supply curve. Which of the following best describes the adjustment to​ long-run equilibrium if an​ economy's short-run equilibrium output is below potential​ output? It looks like your browser needs an update. To ensure the best experience, please update your browser. The aggregate supply curve will slope upward, because when the prices increase suppliers will produce more of the product; and this positive relationship between price and quantity supplied will cause the curve to slope upwards in this manner. To explain the anomaly, economists came to describe the situation as an adverse supply shock. the price level and the aggregate quantity demanded. Aggregate expenditures on investment, I, government, G, and net exports, NX, are typically regarded as autonomous or independent of current income. According to the Phillips Curve, higher unemployment should have produced lower inflation. Along The AS Curve, A Change In The Price Level Brings An Equal Percentage Change In The Money Wage Rate 。C. Aggregate ____ can be represented as a schedule or curve showing the relationship between the price level and the amount of real domestic output that firms within the economy produce. The reasoning used to construct the aggregate supply curve differs from the reasoning used to construct the supply curves for individual goods and services. The aggregate supply curve depicts the quantity of real GDP that is supplied by the economy at different price levels. Aggregate demand occurs at the point where the IS and LM curves intersect at a particular price. The equation for the upward sloping aggregate supply curve, in the short run, is Y = Ynatural + a(P - Pexpected). The long-run aggregate supply (LRAS) curve relates the level of output produced by firms to the price level in the long run. The relationship between the shape of the aggregate supply curve and capacity is described by which of the following? If there is an inflationary gap, which of the following accurately describes the adjustment to long-run equilibrium? Given a stationary aggregate supply curve, increases in aggregate demand create increases in real output. None of the above is correct It describes the relationship between the total quantity of output supplied and the unemployment Oct describes the relationship between the total quantity of money applied and the interest rate D. It describes the relationship between the total quantity of output supplied and the inflation rate The long run aggregate supply curve is: OA vertical because the output an economy can produce increases as do the Wation rate in the long run O vertical because changes in labor, capital and technology in the infation rate change the put an economy can produce over the long run. As output increases, unemployment decreases. 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