Explaining short-run economic fluctuations
Most economists believe that real economic variables and nominal economic variables behave independently of each other in the long run. For example, an increase in the money supply, avariable, will cause the price level, avariable, to increase but will have no long-run effect on the quantity of goods and services the economy can produce, avariable. The distinction between real variables and nominal variables is known as:. The vertical axis of the aggregate demand and aggregate supply model measures the overall. The aggregatecurve shows the quantity of goods and services that firms produce and sell at each price level.
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Explaining short-run economic fluctuations
Most economists believe that real economic variabl...
Most economists believe that real economic variabl...
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