Abstract
The AS curve shows the relationship between the price level and the real output of the economy. It is, however, a short-run supply curve in the sense that productive capacity is fixed: output can be increased only by increasing inputs of the variable factors, chiefly labour.
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© 1994 Jack Harvey
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Harvey, J. (1994). Employment, price stability and government policy. In: Mastering Economics. Macmillan Master Series. Palgrave, London. https://doi.org/10.1007/978-1-349-13504-2_20
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DOI: https://doi.org/10.1007/978-1-349-13504-2_20
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-61703-8
Online ISBN: 978-1-349-13504-2
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