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4 Cards in this Set
- Front
- Back
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Input prices are ______ or ______ in the short run and ______ in the long run. |
inflexible; fully fixed; fully flexible |
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Output prices are _______ in the short run and the long run. |
fully flexible |
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In the short run, equilibrium occurs when the downsloping __________ curve and the upsloping __________ curve intersect. |
aggregate demand short-run aggregate supply |
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Long run equilibrium occurs where the ________ curve, the vertical ______ curve, and the ________ curve all intersect. |
aggregate demand long run aggregate supply short run aggregate supply |
