a. what does the aggregate supply curve look like if both input and output prices are fixed? (click to select) if ad decreases in this situation, what will happen to equilibrium output and the price level? equilibrium output will (click to select) and the price level will (click to select) . next, imagine that input prices are fixed, but output prices are flexible. b. what does the aggregate supply curve look like? (click to select) in this case, if ad decreases, what will happen to equilibrium output and the price level? equilibrium output will (click to select) and the price level will (click to select) . c. finally, if both input and output prices are fully flexible, what does the aggregate supply curve look like? (click to select) in this case, if ad decreases, what will happen to equilibrium output and the price level? equilibrium output will (click to select) and the price level will (click to select) .

The aggregate supply curve is horizontal when both output and input prices are fixed. In the aforementioned scenario, if AD declines, the equilibrium output also declines, but the price stays the same. When output prices are adjustable but input prices are fixed, the aggregate supply curve is upward-sloping.

What is an aggregate supply?

The whole supply of services and goods produced within an economy at a specific overall price over a specific time period is known as aggregate supply, also known as total output. The connection between price levels and the amount of output that businesses are prepared to produce is depicted by the aggregate supply curve. Usually, the level of prices and total supply have a positive connection.

The link between the number of items supplied and their price level is measured by the aggregate supply curve. The supply curve is somewhat elastic in the short run, but rather inelastic in the long run.

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