Documents Price Level

Price Level Real GDP ($Trillions) 0 Long run AS curve: A vertical line indicating all possible output and price level combinations the economy could end up in the long run…

Documents Modeling Demand and Supply Shocks using Aggregate Demand (AD) and Aggregate Supply (AS) Outline...

Modeling Demand and Supply Shocks using Aggregate Demand (AD) and Aggregate Supply (AS) Outline “Short-run” versus the long run. AD and AS Together: “Short-run” equilibrium…