Asked by
Mariem Chaab
on Nov 11, 2024
Verified
If resource prices are flexible,the long-run aggregate supply curve is vertical.
Long-run Aggregate Supply
Long-run aggregate supply represents the total output of goods and services that an economy can produce when it is operating at full capacity, unaffected by the price level in the long term.
Resource Prices
The costs associated with procuring the natural, human, and capital resources needed for producing goods and services.
- Familiarize oneself with the understanding and implications of brief and lengthy aggregate supply curves.
Verified Answer
YL
Learning Objectives
- Familiarize oneself with the understanding and implications of brief and lengthy aggregate supply curves.
Related questions
The Short-Run Equilibrium Output in the Economy Described by the ...
In the Figure Given Below,when Aggregate Supply Is AS,the Equilibrium ...
In Constructing the Short-Run Aggregate Supply Curve,we Define the Short ...
The Short-Run Aggregate Supply Curve ...
Which of the Following Is True in the Short Run ...