Principles of Macroeconomics 7th Edition

Published by South-Western College
ISBN 10: 1-28516-591-8
ISBN 13: 978-1-28516-591-2

Chapter 20 - Aggregate Demand and Aggregate Supply - Quick Check Multiple Choice - Page 454: 3

Answer

b) Short run aggregate supply, but not long run aggregate supply

Work Step by Step

In the long run, shifts of the aggregate supply curve depend on a nation's labour, capital, natural resources and technology, not changes in the overall price level.In the short-run, changes in the price level will temporarily shift the aggregate supply curve.
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