Essay
What are three alternative explanations for the upward slope of the short-run aggregate-supply curve? Do these explanations also apply in the long run?
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Q15: The aggregate-demand curve shows:<br>A)the quantity of goods
Q16: What causes shifts in the aggregate demand
Q17: If there is an excess demand situation
Q18: For a given level of inflation, if
Q19: When the price level falls:<br>A)households try to
Q21: When firms cut back production:<br>A)they employ more
Q22: The long-run aggregate supply is called:<br>A)potential output<br>B)full-employment
Q23: The short-run aggregate curve's shape is affected
Q24: Keynes's interest-rate effect implies that a lower
Q25: Most economists believe that in the short