Immediate short run A vertical line. The price level is fixed. Output prices are

Question

Immediate short run A vertical line. The price level is fixed. Output prices are flexible but input prices are fixed. A horizontal line. An upsloping curve. Output is fixed. Short run A vertical line. The price level is fixed. Output prices are flexible but input prices are fixed. A horizontal line. An upsloping curve. Output is fixed. Long run A vertical line. The price level is fixed. Output prices are flexible but input prices are fixed. A horizontal line. An upsloping curve. Output is fixed.

Explanation / Answer

a) Immediate short run

upward sloping/fixed price level

b) Short run

upsloping curve/output prices are flexible but input prices are fixed

c) Long run

vertical line/horizontal line/ output is fixed/

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