Aggregate Demand and Aggregate Supply - Aggregate Supply - the Long Run Aggregate supply curve
4 important questions on Aggregate Demand and Aggregate Supply - Aggregate Supply - the Long Run Aggregate supply curve
In the long run, does price level affect on the quantity of aggregate output supplied? Why? Waht does theis mean for workers, and until when?
- In the long run, the price level has no effect on the quantity of aggregate output supplied?
- because considering wages are sticky, when the price level decrease the producers will reduce their costs so reduce workers wages, because they don't want to produce as much if they get paid a low price for it
- meaning they will cut workers wages until they get back to the optimal output
- so changin all prices in the economy has NO EFFECT on the output supplied.
What is the relationship between the aggregate price level and aggregate output if all prices were perfectly flexible like the cost of inputs?
- the long run aggregate supply curve LRASC
- changes in the aggregate price level will change all cost of inputs by the same amount including nominal wages
What does the LRAs curve look like? Why doe it look that way?
- The LRAS curve is a vertical line
- it is a vertical line because it is showing that changes in the aggregate price level has no effect on the quantity of output supplied
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What is the adjustment of wages?
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