3.3: Short Run Aggregate Supply Flashcards by Whitney F | Brainscape

Q

What is SRAS?

A

Wages and resource prices are sticky, and will not change as price levels change

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Q

LRAS

A

Wages and resource prices are flexible and will change as price levels change

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Q

Shifters of Aggregate Supply

A

Change in resource prices such as a change in the prices of domestic and imported resources, supply shock, inflationary expectations
Changes in government action like taxes on producers, subsidies, government regulation
Change in productivity

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