- What is the definition of aggregate demand? What are the components of aggregate demand?
- What relationship is expressed by the aggregate-demand curve? Draw a graph of the AD curve.
- Why does the aggregate demand curve have a negative slope? Be specific.
- What is aggregate supply?
- Why is the long-run aggregate-supply curve vertical? What factors shift the long-run aggregate-supply curve?
- Why does the short-run aggregate-supply curve slope upwards? What is the significance of an upward-slopping short-run aggregate-supply curve? What factors shift the short-run aggregate-supply curve?
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