Examlex
Both multi-unit and single-unit smooth muscle are under motor control from the autonomic nervous system.
Equilibrium Output
The level of output where the aggregate supply equals aggregate demand, meaning there is no tendency for the economy to change size.
Short-Run Aggregate Supply
Shows the relationship between the price level and the quantity of goods and services that firms are willing and able to supply in the short term, holding some inputs fixed.
Long-Run Equilibrium
The price level and real GDP that occurs when (1) the actual price level equals the expected price level, (2) real GDP supplied equals potential output, and (3) real GDP supplied equals real GDP demanded.
Aggregate Demand Curve
Represents the total quantity of all goods and services that households, businesses, and government are willing to buy at each price level in an economy.
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