The graph shows a short-run aggregate supply curve. Please move the endpoints to turn the curve into a long-run aggregate supply curve. Real GDP Long-run aggregate supply has this characteristic because the federal government makes up the difference between GDP and potential output. the ability of the economy to produce determines long-run output. This ability is independent of price levels. consumers adjust their decisions based on average price. Average price level
The graph shows a short-run aggregate supply curve. Please move the endpoints to turn the curve into a long-run aggregate supply curve. Real GDP Long-run aggregate supply has this characteristic because the federal government makes up the difference between GDP and potential output. the ability of the economy to produce determines long-run output. This ability is independent of price levels. consumers adjust their decisions based on average price. Average price level
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The graph shows a short-run aggregate supply curve. Please move the endpoints to turn the curve into a long-run aggregate
supply curve.
Real GDP
Long-run aggregate supply has this characteristic because
the federal government makes up the difference between GDP and potential output.
the ability of the economy to produce determines long-run output. This ability is independent of price levels.
consumers adjust their decisions based on average price.
Average price level](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a765074-5dec-4215-94b4-a9f9f26c97f9%2F2052098b-093d-43d9-9945-4f420a0cab45%2Fq0eqq3t.png&w=3840&q=75)
Transcribed Image Text:The graph shows a short-run aggregate supply curve. Please move the endpoints to turn the curve into a long-run aggregate
supply curve.
Real GDP
Long-run aggregate supply has this characteristic because
the federal government makes up the difference between GDP and potential output.
the ability of the economy to produce determines long-run output. This ability is independent of price levels.
consumers adjust their decisions based on average price.
Average price level
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