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15 cards from this deck
How much output firms supply in short run at given price level
Output economy produces using all factors of production
Upward sloping
Wages slow to adjust to economic changes
Vertical line at full employment output
John Maynard Keynes
Three distinct segments
Horizontal, spare capacity, high unemployment
Vertical, full capacity, only causes inflation
Keynesian LRAS curve
Changes in costs of production
Leftward shift (increased production costs)
Changes in quality/quantity of factors of production
Technological advancements
Wages may not fall even when unemployment exists
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