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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Briefly explain the reason for the near-vertical shape of the SRAS curve on its far right.

To determine

Reason for near-vertical shape of SRAS curve is to be determined.

Explanation

In long-run, it becomes nearly vertical. This is because in long-run all the resources in the economy are fully-employed. The quantity of production cannot be increased more as all resources are fully utilized...

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