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5 Cards in this Set

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  • Back
the quantity of real GDP supplied
is the total quantity of goods and services, valued in constant base-year dollars, that a firms plan to produce during a given period
Aggregate supply
is the relationship between the quantity of real GDP supplied and the price level.
Long run aggregate supply
is the relationship between the quantity of real GDP supplied and the price level when the wage rate changes in step with the price level to maintain full employment.
Short run aggregate supply
is the relationship between the quantity of real GDP supplied and the price level when the money wage rate, the prices of other resources, and potential GDP remain constant.
Changes in aggregate supply
changes when an influence on production plans ither than the price change