How are the long-run Phillips curve and the long-run aggregate supply curve related? Draw the short run Phillips curve and relate it to the economy today. Make sure to label both axes and include a dot on the curve that represents our state of economy. Explain your graph. ...
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Goods Market: Goods market is the market in which aggregate demand curve equals the aggregate supply curve. It shows the movement along the AS curve with change in AD curve. It means as AD varies then it has no effect on AS cu...
* * The following is not in the text, but you and your students may find it worthwhile: There are good reasons to believe that the SRAS curve is bow-shaped in the real world; that is, the curve is steeper at high levels of output than at low levels of output. And there are good...