Short run aggregate supply (SRAS)

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3 Terms

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AS curve

The aggregate supply curve shows the quantity of real GDP supplied at different price levels in the economy. It is upward sloping because producers are willing to supply more at higher price levels.

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SRAS

Short-run aggregate supply (SRAS) is the portion of the aggregate supply curve that represents the relationship between the price level and the quantity of real GDP supplied in the short run.

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AD

Aggregate demand (AD) refers to the total demand for goods and services in an economy at a given price level and in a given time period.