![22.2 Aggregate Demand and Aggregate Supply: The Long Run and the Short Run – Principles of Economics 22.2 Aggregate Demand and Aggregate Supply: The Long Run and the Short Run – Principles of Economics](https://open.lib.umn.edu/app/uploads/sites/180/2016/05/47d275cb1b4b140582e940b0f78d095b.jpg)
22.2 Aggregate Demand and Aggregate Supply: The Long Run and the Short Run – Principles of Economics
![In the short run the market is a voting machine but in the long run it is a weighing machine - Wisdom In the short run the market is a voting machine but in the long run it is a weighing machine - Wisdom](https://s3.amazonaws.com/finn--production/uploads/public_f4e58730-2ee7-4770-806f-596052da9f09_image.jpeg)
In the short run the market is a voting machine but in the long run it is a weighing machine - Wisdom
![Use the dynamic model of aggregate demand and aggregate supply to illustrate and explain a situation where the economy is growing but experiencing inflation in the long run. | Homework.Study.com Use the dynamic model of aggregate demand and aggregate supply to illustrate and explain a situation where the economy is growing but experiencing inflation in the long run. | Homework.Study.com](https://homework.study.com/cimages/multimages/16/dip892880639273910511.jpg)
Use the dynamic model of aggregate demand and aggregate supply to illustrate and explain a situation where the economy is growing but experiencing inflation in the long run. | Homework.Study.com
![a. a short-run equilibrium but not a long-run equilibrium. b. a short-run equilibrium and long-run equilibrium. c. a long-run equilibrium but not a short-run equilibrium. d. neither a short-run equilibrium nor a a. a short-run equilibrium but not a long-run equilibrium. b. a short-run equilibrium and long-run equilibrium. c. a long-run equilibrium but not a short-run equilibrium. d. neither a short-run equilibrium nor a](https://homework.study.com/cimages/multimages/16/capture2338726977227524969.jpg)
a. a short-run equilibrium but not a long-run equilibrium. b. a short-run equilibrium and long-run equilibrium. c. a long-run equilibrium but not a short-run equilibrium. d. neither a short-run equilibrium nor a
A firm in perfect competition may generate supernormal profit or incur losses in short run but it will always land up making normal profits in the long run. Do you agree? If
![Assuming identical long-run cost curves, draw two graphs, and indicate the price and output that result in the long run under monopolistic competition and perfect competition. Evaluate the differences between these two Assuming identical long-run cost curves, draw two graphs, and indicate the price and output that result in the long run under monopolistic competition and perfect competition. Evaluate the differences between these two](https://homework.study.com/cimages/multimages/16/perfect6397288347151922280.jpg)
Assuming identical long-run cost curves, draw two graphs, and indicate the price and output that result in the long run under monopolistic competition and perfect competition. Evaluate the differences between these two
![Diagrammatically represent a perfectly competitive firm that is incurring short-run losses but still is better off continuing to produce than shutting down. | Homework.Study.com Diagrammatically represent a perfectly competitive firm that is incurring short-run losses but still is better off continuing to produce than shutting down. | Homework.Study.com](https://homework.study.com/cimages/multimages/16/abh21257893333456623149.png)