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Module 18 Aggregate Supply: Introduction and Determinants KRUGMAN'S MACROECONOMICS for AP* Margaret Ray and David Anderson What you will learn in this Module: • How the aggregate supply curve illustrates the relationship between the aggregate price level and the quantity of aggregate output supplied in the economy • What factors can shift the aggregate supply curve • Why the aggregate supply curve is different in the short run from in the long run Aggregate Supply • The relationship between the price level and the real GDP supplied The Short-Run Aggregate Supply Curve • Profit per unit of output • Nominal Wage • Sticky Wages • SRAS Shifts of the Short-Run Aggregate Supply Curve • ∆ Commodity Prices • ∆ Nominal Wages • ∆ Productivity The Long-Run Aggregate Supply Curve • Flexible Wages • Long Run • LRAS • Potential Output • Factors that shift LRAS From the Short Run to the Long Run
