Aggregate supply Flashcards
1
Q
Aggregate supply
A
The total supply of goods/services produced within an economy at a given price level at a given time.
2
Q
Upward sloping
A
Firms need to increase their short term costs in order to increase short term output.
3
Q
SRAS
A
When at least one factor of production is fixed
4
Q
LRAS
A
All factors of production are variable
