What happens to short-run
Concept introduction:
Aggregate Demand (AD): AD is the total dollar value of goods and services demanded in an economy during a given period of time and price level.
Demand-Pull Inflation: Demand-pull inflation is the inflation caused when AD exceeds AS due to an increase in AD.
Cost-Push Inflation: Cost-push inflation is the inflation caused when AS falls short of AD due to a decrease in AS resulting from rising costs of production.
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Economics Today: The Macro View (19th Edition) (Pearson Series in Economics)
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