b) Short-run and long-run AS
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6 Terms
define short-run in terms of economics
time period where at least one factor of production is fixed
state what influences short-run aggregate supply
cost of production
state how a decrease in COP influences SRAS
state how an increase COP influences SRAS
SRAS increases → curve shifts right
SRAS decreases → curve shifts left
define long-run in terms of economics
time period where all factors of production are variable
state what influences long-term aggregate supply
quality/quantity of the factors of production
state how a decrease in the quality/quantity of FP influences LRAS
state how an increase in the quality/quantity of FP influences LRAS
LRAS decreases → curve shifts left
LRAS increases → curve shifts right
