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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY: The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 8 of 24

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  • How a production possibilities schedule is set up to display bundles of two different goods.
  • How to work with and interpret a simple production possibilities schedule.
  • How and why the production tradeoff between two goods reflects opportunity cost.
  • The law of increasing opportunity cost and how it is indicated by increasing negative opportunity cost numbers in the production possibilities schedule.


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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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