In the chapter titled Macroeconomic Equilibrium: Aggregate Demand and Supply, the aggregate supply (AS) curve was upward
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In the chapter titled ‘‘Macroeconomic Equilibrium:
Aggregate Demand and Supply,’’ the aggregate supply (AS) curve was upward sloping. Now, in this chapter, we have a flat AS curve. What are the implications for equilibrium real GDP if AD shifts by some amount and the AS curve is perfectly flat in one economy and upward sloping in another?
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The shape of the aggregate supply AS curve has significant implications for how changes in aggregate demand AD affect equilibrium real GDP in an econo...View the full answer
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