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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What does the aggregate supply curve look like in the simple Keynesian model?

To determine

The shape of aggregate supply curve under Keynesian economics.

Explanation

The aggregate supply curve is the summation of all the individual supply curves of the economy at various price levels. Thus, it is the total supply curve of the economy. According to the classical economists, the aggregate supply curve is upward sloping curve from the origin and the aggregate demand curve is downward sloping curve. However, this assumption was rejected by Keynes...

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