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4 Cards in this Set

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Rise in price level causes...

Expansion in AS

Contraction or Expansion

Why is it upward sloping?

Higher prices for goods and services make output more profitable. Enable expansion of bussiness

Prices cause 2 things

Fall in price causes...

Contraction in AS

Contraction or Expansion

Factors of SRAS

Employment costs, Cost of other inputs and impact of government

3 things