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Define aggregate supply and describe the conditions underlying each of the three major segments along a short-run aggregate supply curve?
Wiki User
∙ 13y ago
Aggregate supply is just the amount of goods and services a firm will product over a variety of price ranges. The segments of the Aggregate supply curve goes as follows:
the horizontal range: producers can increase output without increasing price/cost ( this is known as SRAS -short run aggregate supply it is horizontal because not a lot can change in the short run) countries are usually here during a recession
The sloped range: this is the second segment of curve, it shows economic growth. in this part the price increases as output increases. this is the part of the curve where the country lies between recession and inflation.
the vertical range: this is also known as LRAS or long run aggregate supply it is completely vertical. the optimal place to be on the curve is where the second and third segment meet. this is because once you hit the vertical range producers no longer can increase output and prices can only increase. this is as you've guessed the inflation part of the graph because prices increase while output stays the same.
hope this helps :)
Wiki User
∙ 13y ago
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