Figure 22-1. The left-hand graph shows a short-run aggregate-supply (SRAS) curve and two aggregate-demand (AD) curves. On the right-hand diagram, U represents the unemployment rate. 
-Refer to Figure 22-1. What is measured along the horizontal axis of the left-hand graph?
Definitions:
SRMC
Short-Run Marginal Cost, which refers to the cost of producing one more unit of a good or service in the short term.
Acquired Firm
A company that has been purchased and taken over by another company.
Substitutes
are products or services that can replace or be used in place of another, catering to similar needs or functionalities, often influencing consumer choices and market dynamics.
Substitute Good
A product or service that can be used in place of another to satisfy similar needs or demands.
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