Aggregate Supply

0.0(0)
studied byStudied by 0 people
0.0(0)
full-widthCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/6

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

7 Terms

1
New cards
<p>Short-Run</p>

Short-Run

~ individual supply curve

2
New cards

Upward sloping because…

as P ⬆, firms more willing to sell product.

3
New cards

What causes it to shift in SR?

  • ⬆ labor, capital — right

  • ⬆ productivity — right

  • ⬆ input costs — left

4
New cards

Long Run

Time period when all prices have a chance to adjust.

5
New cards

Long Run output is based on…

the number of workers, capital stock, and tech.

6
New cards

Prices are not really a factor, so AS-LR is…

nearly vertical.

7
New cards

VISUAL EXAMPLE

knowt flashcard image