Draw a conventional aggregate demand curve on a graph. Then add three different aggregate supply curves, labeled
Question:
S1: Horizontal curve
S2: Upwards loping curve
S3: Vertical curve
all intersecting the AD curve at the same point. If AD were to increase (shift to the right), which AS curve would lead to
1. The biggest increase in output?
2. The largest jump in prices?
3. The least inflation?
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1 S 1 2 S 3 3 S 1 Explanation If AD were to shift to the right 1 The horizontal curve S ...View the full answer
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