Economics
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Boundless Economics
Aggregate Demand and Supply
Economics Textbooks Boundless Economics Aggregate Demand and Supply
Economics Textbooks Boundless Economics
Economics Textbooks
Economics

Section 4

Aggregate Supply

Book Version 3
By Boundless
Boundless Economics
Economics
by Boundless
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5 concepts
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Introducing Aggregate Supply

Aggregate supply is the total supply of goods and services that firms in a national economy plan to sell during a specific time period.

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The Slope of the Short-Run Aggregate Supply Curve

In the short-run, the aggregate supply curve is upward sloping.

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The Slope of the Long-Run Aggregate Supply Curve

The long-run aggregate supply curve is perfectly vertical; changes in aggregate demand only cause a temporary change in total output.

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Moving from Short-Run to Long-Run

In the short-run, the price level of the economy is sticky or fixed; in the long-run, the price level for the economy is completely flexible.

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Reasons for and Consequences of Shifts in the Short-Run Aggregate Supply Curve

The short-run aggregate supply shifts in relation to changes in price level and production.

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