Why does the SRAS curve have a positive slope?Because your (boring) instructor says it

Why does the SRAS curve have a positive slope?

Because your (boring) instructor says it

does

When P rises, people substitute away from more expensive goods and services so SRAS decreases

When P rises, input prices rise so SRAS increases

When P rises, the supply of money shifts right so r decreases so SRAS increases

None of the above

Suppose the economy is in its long run equilibrium. If there is a decline in government spending, what happens in the short run?

Price level rises and output rises

Price level falls and output rises

Price level rises and output falls

Price level falls and output falls

Not enough information

From the previous question, what happens in the long run (relative to the initial equilibrium)?

Price level rises and output is unchanged

Price level falls and output is unchanged

Price level rises and output falls

Price level falls and output falls

Not enough information

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