Short-Run Aggregate supply (SRAS) Flashcards
1
Q
What does the aggregate supply and demand help us look at
A
looks a the relationship between GDP and the price level using the Aggregate supply and Aggregate demand model
2
Q
What is the Quantity of Real GDP Supplied
A
the total quantity of goods and services that firms want to produce in a specified time, valued in dollars
3
Q
What happens to the SHORT RUN - Aggregate supply curve when there is an increase in costs for the firm
A
it shifts to the left
b/c it costs more to produce a good
4
Q
A
