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According to Classical Economists, the Short-Run Aggregate Supply Curve Is

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According to classical economists, the short-run aggregate supply curve is _____, while according to Keynesian economists, the short-run aggregate supply curve is _____.


Definitions:

Innovation

The process of introducing new ideas, devices, or methods, often leading to technological progress or improved solutions.

Invention

The creation of a new product, service, or process, often one that has never been made before, resulting from study and experimentation.

Diffusion

Diffusion in social sciences refers to the process by which an innovation is communicated through certain channels over time among the members of a social system.

Entrepreneurs

Individuals who create, organize, and manage a business venture, taking on financial risk to do so.

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