The aggregate supply curve shows the levels of real output that businesses will produce at various possible

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The aggregate supply curve shows the levels of real output that businesses will produce at various possible price levels.

The slope of the aggregate supply curve depends upon the flexibility of input and output prices. Since these vary over time, aggregate supply curves are categorized into three time horizons, each having different underlying assumptions about the flexibility of input and output prices.

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Economics Principles Problems And Policies

ISBN: 9780073511443

19th Edition

Authors: Campbell Mcconnell ,Stanley Brue ,Sean Flynn

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