Long run aggregate supply is vertical, while short run AS is not because:in the short run, prices cannot change as quickly as they shouldin the long run, prices are constantin the long run, prices catch up to wage increasesO in the long run, increases in prices are matched by increases in wages

Aggregate supply refers to the overall quantity of the goods and service that an economy produced in…

Long run aggregate supply is vertical, while short run AS is not because: O in the short run, prices cannot change as quickly as they should O in the long run, prices are constant in the long run, prices catch up to wage increases in the long run, increases in prices are matched by increases in wages

Long run aggregate supply is vertical, while short run AS is not because: O in the short run, prices cannot change as quickly as they should O in the long run, prices are constant in the long run, prices catch up to wage increases in the long run, increases in prices are matched by increases in wages

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: An Introduction To Basic Macroeconomic Markets

Section: Chapter Questions

Problem 3CQ

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Similar questions

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