The long-run and short-run aggregate supply curves reflect fundamental differences between long-run and short-run macroeconomic analysis.
a.Graphically illustrate the long-run and short-run aggregate supply curves. Be sure to label the axes.
b.What determines the level of output in the long run versus the short run?
c.How do prices behave differently in the long run and the short run?

Question

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The Answer of The long-run and short-run aggregate supply curves reflect fundamental differences between long-run and short-run macroeconomic analysis.
a.Graphically illustrate the long-run and short-run aggregate supply curves. Be sure to label the axes.
b.What determines the level of output in the long run versus the short run?
c.How do prices behave differently in the long run and the short run?

The Long-Run and Short-Run Aggregate Supply Curves Reflect Fundamental Differences