What happens to the aggregate supply curve when there is an increase in resource prices?
Macro 3.1 AD, AS, and LRAS (Additional Version)
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Business
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11th Grade - University
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Hard
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The video tutorial explains key macroeconomic graphs, focusing on aggregate demand and supply. It covers the concepts of price level, GDP, and equilibrium, and introduces the long run aggregate supply curve. The tutorial also discusses the effects of increased demand and recession on these graphs, highlighting the shifts in equilibrium and resource costs.
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OPEN ENDED QUESTION
3 mins • 1 pt
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OPEN ENDED QUESTION
3 mins • 1 pt
How does a decrease in aggregate demand affect the long-run aggregate supply?
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