Examlex
Suppose that the economy is in long-run macroeconomic equilibrium and aggregate demand increases. As the economy moves to short-run macroeconomic equilibrium, there is a(n) _____ gap with _____.
Inelastic
Describing a situation in which the demand or supply of a good or service is relatively unresponsive to changes in price.
Demand
The amount of a product or service that customers can and are willing to buy at different price levels over a specified time.
Supply
The total amount of a product or service that is available for purchase at any given price.
Inelastic
Describes a situation where the demand or supply of a good or service is unaffected by changes in price.
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