Studied by 0 peopleaggregate supply
the volume of goods and services produced within the economy at a given price level
aggregate supply curve
the relationship between the average level of prices in the economy and the level of total output
short run
the period of time when at least one factor of production is fixed and cannot be varied
long run
the period of time when all factors of production are variable
supply-side shocks
factors such as changes in wage rates or commodity prices which cause the short run aggregate supply curve to shift
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