The short-run aggregate supply curve is a change in the price level will only cause a movement along the aggregate supply curve.?
What is supply curve ?
- A supply curve is a graph that depicts how the quantity a seller supplies is impacted by changes in the price of a good or service.
- The vertical y-axis displays the price, while the horizontal x-axis displays the quantity given.
- There is a clear correlation between price and quantity, and the supply curve will be upward sloping.
- The several types of curve elasticity include absolutely inelastic, inelastic, unit elastic, elastic, and elastic.
- It is used by economists, governments, and businesses to comprehend consumer and market behavior.
- Farmers are unable to immediately plant more corn if the price of corn rises.
- The following year, they might grow something different in place of corn.
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