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4 Cards in this Set
- Front
- Back
- 3rd side (hint)
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 |