If Actual Output Exceeds Potential Output, the Short-Run Aggregate Supply

question 53

True/False

If actual output exceeds potential output, the short-run aggregate supply curve shifts downward over time.

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Definitions:

Breakthrough

A significant or sudden advance or discovery that contributes to progress in a particular field.

Labor Needed

The amount of workforce or manpower required to complete a task, fulfill a job, or achieve a production goal.

Standard Of Living

A level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.

Standard Of Living

This term defines the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.