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What is Aggregate Supply and Demand Explained about?

The lecture discusses aggregate supply and aggregate demand. It explains that aggregate supply is the relationship between real GDP supplied and the price level, while aggregate demand is the relationship between real GDP demanded and the price level. The long-run aggregate supply curve is vertical and located at potential GDP, as price and wage levels adjust to maintain full employment. Short-run aggregate supply allows for temporary deviations from potential GDP when prices are unable to fully adjust. The

Author

Reza Afrisal

Language

EN