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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

Explain why the short-run aggregate supply curve might be fairly flat in the Keynesian zone of the SRAS curve. How might we tell if we are In the Keynesian zone of the AS?

To determine

Reason for SRAS curve to be fairly flat in Keynesian zone is to be determined.

Explanation

The Keynesian zone of SRAS curve is towards left of SRAS curve, which is relatively flatter. In this zone, Factories have shut-down as cyclic unemployment is very high. If there is slight increase in price of goods, suppliers are willing to supply quantity, which results in increase in employment of economy...

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