Economics (McConnell), AP* Edition, 20th EditionChapter 36:
Extending the Analysis of Aggregate Supply After studying this chapter, you should be able to: LO 36.1 | Explain the relationship between short-run aggregate supply and long-run aggregate supply. | LO 36.2 | Discuss how to apply the "extended" (short-run/long-run) AD-AS model to inflation, recessions, and economic growth. | LO 36.3 | Explain the short-run tradeoff between inflation and unemployment (the Phillips Curve). | LO 36.4 | Discuss why there is no long-run trade-off between inflation and unemployment. | LO 36.5 | Explain the relationship between tax rates, tax revenues, and aggregate supply. |
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