Module Aggregate Supply: Introduction and Determinants KRUGMAN'S MACROECONOMICS for AP* 18 Margaret Ray and David Anderson.

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Module Aggregate Supply: Introduction and Determinants KRUGMAN'S MACROECONOMICS for AP* 18 Margaret Ray and David Anderson

What you will learn in this Module : How the aggregate supply curve illustrates the relationship between the aggregate price level and the quantity of aggregate output supplied in the economy What factors can shift the aggregate supply curve Why the aggregate supply curve is different in the short run from in the long run

The relationship between the price level and the real GDP supplied Aggregate Supply

The Short-Run Aggregate Supply Curve Profit per unit of output Nominal Wage Sticky Wages SRAS

Shifts of the Short-Run Aggregate Supply Curve ∆ Commodity Prices ∆ Nominal Wages ∆ Productivity

The Long-Run Aggregate Supply Curve Flexible Wages Long Run LRAS Potential Output Factors that shift LRAS

From the Short Run to the Long Run