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Aggregate supply

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1 Aggregate supply on Mon Nov 22, 2010 2:45 am

In neo-Keynesian theory seen in many textbooks, an "aggregate supply and demand" diagram is drawn that looks like a typical Marshallian supply and demand diagram. The aggregate supply (AS) curve is usually drawn as upward-sloping in the short run, since the quantity of aggregate production supplied (Qs) rises as the average price level (P) rises.
There are two main reasons why Qs might rise as P rises, i.e., why the AS curve is upward sloping:

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