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Level 9

Aggregate Supply


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(SRAS) Short Run Aggregate Supply
The total amount of goods and services that all industries in the economy will produce at a given price level in the short run
Short run aggregate supply graph
The graph is upwards sloping because in the short run, the change in price can increase revenue
Shifts in SRAS
Change in wage rates, change in material costs, change in import prices, change in government taxes and subsidies
Level 10