AGGREGATE SUPPLY. This figure assumes a price level of 100 for the year 2000 and
AND
charts possible outcomes for the year 2001. Panel (a) shows the model of aggregate
demand and aggregate supply. If aggregate demand is low, the economy is at point A;
output is low (7,500),
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economy is at point B; output is high (8,000), and the price level is high (106). Panel (b)
shows the implications for the Phillips curve. Point A,
cheap San Jose Sharks Jerseys, which arises when aggregate
demand is low,
Christian Louboutin Sandals, has high unemployment (7 percent) and low inflation (2 percent). Point B,
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cheap San Jose Sharks Jerseys 106
Linear Mode
