(a) Why does the AS curve slope upward? (b) If the AS curve were more steeply sloped,...
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(b) If the AS curve were more steeply sloped, how would the economy respond differently to aggregate demand shocks (shocks to ā)?
(c) If the curve were more steeply sloped, how would the economy respond differently to aggregate supply shocks (shocks to )?
(d) What kind of economic changes in the economy would lead the curve to be more steeply sloped?
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a AS slopes upward because positive shortrun output creates pressures for price hikes on the demand ...View the full answer
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