1
Q
Short Run Aggregate Supply
A
Refers to the total amount of goods and services that al firms within an economy are willing and able to produce at different price levels in the short run, assuming other factors remain constant.
2
Q
Long Run
A
All factors of production are variable
3
Q
Short Run
A
Period of time when at least one factor of production is fixed.
4
Q
SRAS curve
A
Upwards sloping they shows a positive/ direct relationship between REAL GDP of the country and general price level.
5
Q
Short Run Period
A
Money wages and the price of all other factor inputs in the economy are fixed.
