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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

The short run aggregate supply curve was constructed assuming that as the price of outputs increases, the puce of inputs stays the same. How would an increase in the prices of important inputs, like energy, affect aggregate supply?

To determine

Affect on aggregate supply due to increase in prices of inputs is to be determined.

Explanation

In short-run, aggregate supply is upward slopping. It is a period in which some factors of production are variable and some are fixed.

An increase in prices of inputs would result in leftward shift of SRAS curve...

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