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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 vertical in the neoclassical zone of the SRAS curve. How might we tell if we are in the neoclassical zone of the AS?

To determine

Reason for vertical shape of SRAS curve in neo-classical zone is to be determined.

Explanation

The neo-classical zone of the SRAS curve is nearly to the right side of SRAS curve. In this zone, supply curve is nearly steeper. In this zone, classical unemployment is nearly low or next to nil. Even if the firms wants to increase output level, they will not be able to do so, as at this zone, resources are fully employed...

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