When referring to the aggregate supply curve,what is the short run?
A)a time period in which output prices can change in response to supply and demand, but in which all input prices have not yet been able to completely adjust
B)a time period in which neither the prices of output nor the prices of inputs are able to change
C)any time period of less than a year
D)a time period in which the prices of output cannot change, but in which the prices of inputs have time to adjust

Question

Quizplus · Accepted Answer

In the short run, some input prices may remain fixed while others can adjust, causing the aggregate supply curve to be upward sloping. This means that changes in output prices can affect the quantity of goods and services supplied. However, because some input prices have not yet fully adjusted, the overall level of output may be constrained.

When Referring to the Aggregate Supply Curve,what Is the Short