10-10. Assume that the economy is in long-run equilibrium

10-10. Assume that the economy is in long-run equilibrium

10-10. Assume that the economy is in long-run equilibrium
with complete information and that input
prices adjust rapidly to changes in the prices of
goods and services. If there is a rise in the price
level induced by an increase in aggregate demand,
what happens to real GDP? (See page 219.)
When Ad rises GDp and price rise above long run levels. The rise in prices will be factored in by workers who ask for higher wages in long run. This will reduce AS and it shifts upwards
this reduce GDP to old long run levels, while price rises.
so real GDp in long run will remain unchanged though it rises in short run.

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