Each of the following statements is related to the AD-AS model. Using the labels below, decide whether each statement refers to the aggregate demand curve, the aggregate supply curve, or both.
(Hint: 2 are AS and 2 are AD)
Divided into short-run and long-run measures, which differ significantly.
Represents a change in consumer response as overall prices change in the market. Characterized by the wealth-effect and the interest-rate effect.
Represents a change in producer response as overall prices change in the market