the long run aggregate supply curve is downward sloping, while the short run is vertical. the long run aggregate supply curve is vertical and represents potential GDP, while the short run curve slopes upward. the short run aggregate supply curve represents potential GDP level, while the long run represents current GDP. the long run aggregate supply curve is above the short run aggregate supply curve.
the long run aggregate supply curve is downward sloping, while the short run is vertical. the long run aggregate supply curve is vertical and represents potential GDP, while the short run curve slopes upward. the short run aggregate supply curve represents potential GDP level, while the long run represents current GDP. the long run aggregate supply curve is above the short run aggregate supply curve.
Chapter20: Aggregate Demand And Supply
Section20.A: The Self Correcting Aggregate Demand And Supply Model
Problem 5SQ
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What is the difference between the long run and short run
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the long run aggregate supply curve is downward sloping, while the short run is vertical. |
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the long run aggregate supply curve is vertical and represents potential |
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the short run aggregate supply curve represents potential GDP level, while the long run represents current GDP. |
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the long run aggregate supply curve is above the short run aggregate supply curve. |
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ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning