In macroeconomics, we seek to understand two types of equilibria, one corresponding to the short run and the other corresponding to the long run. Explain and illustrate what is meant by equilibrium in the short run and relate the equilibrium to potential output.Discuss various explanations for wage and price stickiness.Draw a hypothetical short-run aggregate supply curve, explain why it slopes upward, and explain why it may shift that is, distinguish between a change in the aggregate quantity of goods and services supplied and a change in short-run aggregate supply.Draw a hypothetical long-run aggregate supply curve and explain what it shows about the natural levels of employment and output at various price levels, given changes in aggregate demand.
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