The relationship between supply and demand can be expressed using an aggregate supply or aggregate demand curve. Using this ...

Aggregate demand and GDP commonly increase or decrease together. Aggregate demand equals GDP in the long run only after adjusting for the price level. Short-run aggregate demand measures total ...

Prices, and especially wages, respond slowly to changes in supply and demand, resulting in periodic shortages and surpluses, especially of labor. • Changes in aggregate demand, whether anticipated or ...