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Summary AS-AD Equilibrium in Short, Medium Run

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AS-AD Equilibrium in Short, Medium Run

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Seneca College Of Applied Arts And Technology ( )
Course
Economics








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Economics
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Uploaded on
May 2, 2022
Number of pages
2
Written in
2022/2023
Type
Summary

Subjects

  • economy
  • economics
  • macroeconomics
  • as ad equilibrium
  • summary

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AS-AD Equilibrium in Short, Medium Run
short run - behaves simply, equilibrium at intersection of 2 curves




natural level of output (Yn) doesn't come into play in short run
equilibrium at instantaneous intersection of AS and AD relations

medium run - shift back to natural level of production
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