I'm a little bit confused about shifts of SRAS. Isn't the short run defined as the period during which factor prices are fixed? Then how come that wages (a factor of production) will change in the short run and cause shifts of the SRAS curve?
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I'm a little bit confused about shifts of SRAS. Isn't the short run defined as the period during which factor prices are fixed? Then how come that wages (a factor of production) will change in the short run and cause shifts of the SRAS curve?
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