AB 204 All Assignments AB 204 All Assignments | Page 12

Refer to the AS and AD curves above to answer the following questions.
What is the initial point of the long-run macroeconomic equilibrium?
What are the equilibrium values? What does the appearance of the
long-run aggregate-supply (LRAS) curve indicate? How does it differ
from AS?
What are the factors that can shift short-run aggregate supply curve
from AS1 to AS2? What does Point A represent in the graph? What
does point B represent? Is it the short-run or long-run macroeconomic
equilibrium? Explain.
Assume aggregate demand (AD) is held constant, in the long-run,
starting from point B, what will the economy likely experience? Will it
reach the long equilibrium?
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