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Aggregate Supply - Fill-in-the-Blank
The
aggegate
supply
curve
show
the
relationship
between
the
economy's
aggregate
and
the
total
quantity
of
goods
and
services
producers
are
willing
to
.
2
upward
profitable
positive
fixed
typical
sticky
encourage
wages
time
proportion
short
cost
rise
fall
slow
price
nominal
resentment
contracts
slow
all
profit
informal
There
is
a
relationship
in
the
run
between
the
aggregate
price
level
and
the
quantity
of
aggregate
output
supplied
.
A
in
the
aggregate
price
level
is
assoiciated
with
a
rise
in
the
quantity
of
aggregate
output
supplied
.
A
in
the
aggregate
price
level
is
associated
with
a
fall
in
the
quantity
of
aggregate
output
supplied
.
This
positive
relationship
exists
due
to
the
most
basic
question
facing
a
producer
:
Is
producing
a
unit
of
output
or
not
?
Profit
per
unit
of
output
=
per
unit
of
output
-
production
per
unit
of
output
At
any
given
point
in
time
,
many
of
the
costs
producers
face
are
per
unit
of
output
and
can't
be
changed
for
an
extended
period
of
time
.
Typically
,
the
largest
source
of
inflexible
production
cost
is
the
paid
to
workers
.
Wages
refers
to
forms
of
worker
compensation
,
including
employer
-
paid
health
care
and
retirement
benefits
.
The
dollar
amount
of
any
given
wage
paid
is
called
the
wage
.
Wages
are
typically
an
inflexible
production
cost
because
the
nominal
wage
is
often
determined
by
that
were
signed
some
time
ago
.
Even
when
there
are
no
formal
contracts
,
there
are
often
agreements
between
management
and
workers
,
making
companies
reluctant
to
change
wages
in
response
to
economic
conditions
.
Unless
the
downturn
has
been
particularly
long
and
severe
,
companies
usually
will
not
reduce
wages
during
poor
economic
times
for
fear
of
generating
worker
.
Until
they
are
at
risk
of
losing
workers
to
competitors
,
companies
typically
won't
raise
wages
during
better
economic
times
because
they
don't
want
to
workers
to
routinely
demand
higher
wages
.
As
a
result
of
formal
and
informal
agreements
,
the
economy
is
characterized
by
wages
.
Sticky
wages
are
nominal
wages
that
are
to
fall
even
in
the
face
of
high
unemployment
and
to
rise
even
in
the
face
of
labor
shortages
.
Fixed
costs
give
rise
to
an
-
sloping
short
-
run
aggregate
supply
curve
.
If
the
aggregate
price
level
rises
,
the
producer
receives
a
higher
price
for
its
final
good
or
service
.
Since
many
production
costs
are
fixed
in
the
short
-
run
,
the
production
cost
per
unit
of
output
doesn't
rise
in
to
the
rise
in
the
price
of
a
unit
.
Accordingly
,
per
unit
of
output
rises
,
leading
producers
to
increase
the
quantity
supplied
in
the
short
-
run
.
The
positive
relationship
between
the
aggregate
price
level
and
the
quantity
of
aggregate
output
producers
are
willing
to
supply
during
the
period
when
many
production
costs
can
be
taken
as
fixed
is
illustrated
by
the
short
-
run
aggregate
supply
curve
.
3
right
renegotiated
left
costs
leftward
right
rightward
input
costs
left
right
left
right
shifts
left
There
can
be
of
the
short
-
run
aggregate
supply
curve
.
A
decrease
in
short
-
run
aggregate
supply
is
shown
by
a
shift
of
the
short
-
run
aggregate
supply
curve
.
An
increase
in
short
-
run
aggregate
supply
is
shown
by
a
shift
of
the
short
-
run
aggregate
supply
curve
.
If
something
happens
that
raises
production
,
a
producer
now
earns
a
smaller
profit
per
unit
of
output
,
and
the
short
-
run
aggregate
supply
curve
shifts
to
the
left
.
If
something
happens
that
lowers
production
,
a
producer
now
earns
a
higher
profit
per
unit
of
output
,
and
the
short
-
run
aggregate
supply
curve
shifts
to
the
right
.
Oil
is
a
commodity
.
A
commodity
is
a
standardized
bought
and
sold
in
bulk
quantities
.
An
increase
in
the
price
of
a
commodity
raises
production
costs
across
the
economy
,
shifting
the
short
-
run
aggregate
supply
curve
to
the
.
A
decline
in
the
price
of
a
commodity
reduces
production
costs
,
shifting
the
short
-
run
aggregate
supply
curve
to
the
.
Nominal
wages
can
change
once
enough
time
has
passed
for
contracts
and
informal
agreements
to
be
.
A
rise
in
nominal
wages
increases
production
costs
,
shifting
the
short
-
run
aggregate
supply
curve
to
the
.
A
fall
in
nominal
wages
decreases
production
costs
,
shifting
the
short
-
run
aggregate
supply
curve
to
the
.
An
increase
in
productivity
means
that
a
worker
can
produce
more
units
of
output
with
the
same
quantity
of
inputs
,
shifiting
short
-
run
aggregate
supply
to
the
.
A
fall
in
productivity
reduces
the
number
of
units
of
output
a
worker
can
produce
with
the
same
quantity
of
inputs
,
shifting
short
-
run
aggregate
supply
to
the
.
If
inflation
is
expected
to
be
higher
than
previously
thought
,
workers
will
seek
higher
nominal
wages
to
keep
pace
with
the
higher
prices
,
leading
to
higher
production
costs
and
shifting
the
short
-
run
aggregate
supply
curve
to
the
.
If
inflation
is
expected
to
be
lower
than
previously
thought
,
workers
will
accept
lower
nominal
wages
,
leading
to
lower
production
costs
and
shifting
the
short
-
run
aggregate
supply
curve
to
the
.
4
renegotiated
actual
flexible
Technological
potential
rightward
proportion
growth
no
flexible
flexible
vertical
qualtity
quantity
Contracts
and
informal
agreements
are
in
the
long
-
run
.
In
the
long
-
run
,
nominal
wages
are
,
not
sticky
.
In
the
long
-
run
,
the
aggregate
price
level
has
effect
on
the
quantity
of
aggregate
output
supplied
.
In
the
long
-
run
,
prices
and
costs
change
by
the
same
,
so
profit
and
output
remain
unchanged
.
The
long
-
run
aggregate
supply
curve
shows
the
relationship
between
the
aggregate
price
level
and
the
quantity
of
aggregate
output
supplied
that
would
exist
if
all
prices
were
fully
.
The
long
-
run
aggregate
supply
cruve
is
because
changes
in
the
aggregate
price
level
have
no
effect
on
aggregate
output
in
the
long
-
run
.
The
horizontal
intercept
where
LRAS
touches
the
horizontal
axis
is
the
economy's
output
.
Potential
output
is
the
level
of
real
GDP
the
economy
would
produce
if
all
prices
were
fully
.
In
reality
,
the
level
of
real
GDP
is
almost
always
either
above
or
below
potential
output
.
Potential
output
rises
over
time
,
implying
a
series
of
shifts
of
the
LRAS
curve
.
The
factors
related
to
long
-
run
economic
cause
rightward
shifts
of
the
LRAS
curve
.
Increases
in
the
of
resources
,
including
land
,
labor
,
capital
,
and
entrepreneurship
shift
the
LRAS
curve
to
the
right
.
Increases
in
the
of
resources
,
such
as
a
better
educated
workforce
shift
the
LRAS
curve
to
the
right
.
progress
shifts
the
LRAS
curve
to
the
right
.
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