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2 Dec 2019
The short-run aggregate supply curve is positively sloped because:
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wages and other costs of production respond immediately to changes in prices.
-
profit is lower when prices increase, so output decreases.
-
workers are willing to work for lower wages rather than be laid off.
-
higher prices lead to higher profits and higher output.
The short-run aggregate supply curve is positively sloped because:
-
wages and other costs of production respond immediately to changes in prices.
-
profit is lower when prices increase, so output decreases.
-
workers are willing to work for lower wages rather than be laid off.
-
higher prices lead to higher profits and higher output.
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