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2.3 Aggregate supply (AS)

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Question 2

Macroeconomic equilibrium diagram showing initial aggregate demand (AD) and long-run aggregate supply (LRAS1)

Using the classic long-run aggregate supply (LRAS) and aggregate demand (AD) diagram above, show the effect of a permanent demographic shift that causes a significant contraction in the size of the active labour force on the equilibrium level of real national output and the average price level of the economy.

[2]

2.3 Aggregate supply (AS) Questions

  1. A Level
  2. /Economics
  3. /2.3 Aggregate supply (AS)