객관식
Which of the following would shift the long-run aggregate supply (LRAS) curve to the right?
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16. Aggregate Demand and Aggregate Supply Analysis
Long Run Aggregate Supply
객관식
What is the difference between short-run and long-run aggregate supply?
A
SRAS is horizontal because prices are fixed in the short run so demand changes only affect output, while LRAS is vertical at potential output because prices fully adjust in the long run.
B
SRAS is vertical at potential output since firms cannot change output in the short run, while LRAS is upward-sloping because over time higher price levels raise output as factor productivity increases.
C
Both SRAS and LRAS are vertical because aggregate supply is determined solely by real factors and is independent of the price level in both the short and long run.
D
SRAS is upward-sloping because wages and some input prices are sticky, so output responds to the price level; LRAS is vertical at potential output because in the long run prices and wages fully adjust and output depends only on resources and technology.
검증된 단계별 안내1
Step 1: Understand the concept of Aggregate Supply (AS), which represents the total quantity of goods and services that firms in an economy are willing and able to produce at different price levels.
Step 2: Recognize that Short-Run Aggregate Supply (SRAS) is typically upward-sloping because some input prices, like wages, are sticky or slow to adjust. This means that when the overall price level rises, firms can increase output since their costs do not immediately rise proportionally.
Step 3: Note that in the short run, firms respond to changes in the price level by adjusting output, leading to a positive relationship between price level and quantity supplied, hence the upward slope of SRAS.
Step 4: Understand that Long-Run Aggregate Supply (LRAS) is vertical at the economy's potential output because, in the long run, all prices and wages fully adjust. Output is determined solely by real factors such as technology, capital, and labor, and is independent of the price level.
Step 5: Summarize the difference: SRAS is upward-sloping due to sticky wages and prices causing output to respond to price changes, while LRAS is vertical because, in the long run, output depends only on productive capacity, not price level.
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