The aggregate supply curve shifts to the right as productivity increases or the price of key inputs falls, making a combination of lower inflation, higher output, and lower unemployment possible.
The supply curve illustrates the relationship between the price of an item or service and the volume delivered over a specific time period. In a typical scenario, the amount supplied will be shown on the horizontal axis and the price will be shown on the left vertical axis.
On the majority of supply curves, as a good's price rises, so does the amount supplied.
Supply curves may frequently predict whether a commodity's price will rise or fall in response to demand, and vice versa.
For products with more elastic supply, the supply curve is shallower (closer to horizontal), and for products with less elastic supply, the supply curve is steeper (closer to vertical).
The essential elements are the supply curve and the demand curve.
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