{"id":31959,"date":"2021-09-27T14:07:53","date_gmt":"2021-09-27T14:07:53","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=31959"},"modified":"2026-01-20T16:27:08","modified_gmt":"2026-01-20T16:27:08","slug":"short-run-macroeconomic-equilibrium-below-or-above-full-employment","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/short-run-macroeconomic-equilibrium-below-or-above-full-employment\/","title":{"rendered":"Short-run Macroeconomic Equilibrium  Below or Above Full Employment"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Macroeconomic impact of simultaneous increases in aggregate demand and supply\",\n    \"text\": \"When both aggregate supply and aggregate demand increase, which of the following most likely occurs?\\n\\nA. A rise in inflation.\\n\\nB. GDP stays constant.\\n\\nC. An increase in the employment level.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"B. GDP stays constant.\\n\\nWhen aggregate demand and aggregate supply increase simultaneously, their effects on output can offset each other. Depending on the relative magnitude of the shifts, the overall level of GDP may remain unchanged, even though underlying economic conditions improve.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A. A rise in inflation.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"C. An increase in the employment level.\"\n      }\n    ]\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/images\/short-run-macroeconomic-equilibrium\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/Short-run-macroeconomic-equilibrium.png\",\n  \"contentUrl\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/Short-run-macroeconomic-equilibrium.png\",\n  \"caption\": \"Short-run macroeconomic equilibrium\",\n  \"width\": 974,\n  \"height\": 787,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"url\": \"https:\/\/analystprep.com\/\"\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Aggregate Output, Prices, and Economic Growth (2025 Level I CFA\u00ae Exam \u2013 Economics \u2013 Module 3)\",\n  \"description\": \"This video covers essential topics in macroeconomics, including GDP calculation methods, nominal vs. real GDP, income measures, saving-investment relationships, aggregate demand and supply dynamics, macroeconomic equilibria, business cycle fluctuations, and economic growth. It also explains the production function approach and factors contributing to sustainable economic growth.\",\n  \"uploadDate\": \"2022-03-18T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/XDs9kjMPKTo\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/XDs9kjMPKTo\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/XDs9kjMPKTo\",\n  \"duration\": \"PT1H32S\"\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/XDs9kjMPKTo?si=Xe34x0SMmCWtgjNU\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>Short-run macroeconomic equilibrium only occurs when the amount of real GDP demand equals the amount of GDP supply. On a graph, this happens at the point where the AD curve intersects the short-run average supply curve, exactly on the long-run aggregate supply curve.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16877\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/Short-run-macroeconomic-equilibrium.png\" alt=\"Short-run-macroeconomic-equilibrium\" width=\"974\" height=\"787\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/Short-run-macroeconomic-equilibrium.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/Short-run-macroeconomic-equilibrium-300x242.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/Short-run-macroeconomic-equilibrium-768x621.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/Short-run-macroeconomic-equilibrium-400x323.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<h2><strong>Decrease in&nbsp;<\/strong><strong>the Short-run <\/strong><strong>Aggregate Demand<\/strong><\/h2>\n<p>In the short-run, aggregate demand can decrease unexpectedly, leading to an excess supply of goods and services. As a result, prices of goods and services will fall. With a fall in prices, unemployment will increase. Moreover, as prices go down, the output level will also go down.<\/p>\n<p>The aggregate supply curve will shift to the left, but resource costs will end up falling as time passes. This will subsequently shift the aggregate supply curve to the right. Therefore, the output level will revert to the initial level when the economy was at full employment, with low price levels.<\/p>\n<h2><strong>Increase in&nbsp;<\/strong><strong>the Short-run <\/strong><strong>Aggregate Demand<\/strong><\/h2>\n<p>If aggregate demand increases suddenly in the short-run, the output level becomes greater than the normal price levels at full employment. This is due to the differences between current prices and the prices anticipated by resource providers.<\/p>\n<p>The unemployment rate will be lower than the naturally expected level. Price levels will decline in the long run to the point consistent with full employment. Prices will then increase, causing inflation.<\/p>\n<h2><strong>Decrease in the Short-run Aggregate Supply<\/strong><\/h2>\n<p>A decrease in the short-run aggregate supply will instigate a fall in the amount of the available resources. As a result, the cost of acquiring the resources will rise, and consequently, the aggregate supply curve will shift upwards and leftwards. Output levels will fall at higher prices.<\/p>\n<h2><strong>Increase in the Short-run Aggregate Supply<\/strong><\/h2>\n<p>In the short run, an unexpected increase in aggregate supply will most likely shift the SRAS curve to the right. Output and income are expected to expand beyond the consistent level in relation to full employment and at lower prices. If the shift in the SRAS curve is temporal, then the SRAS curve will, with time, return to its normal level. Likewise, output and prices will go back to their initial levels.<\/p>\n<p>However, if an event causes a permanent change in the economy, both the SRAS and LRAS curves will shift to the right. As a result, output will increase at lower prices.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>When both aggregate supply and aggregate demand increase, which of the following <em>most likely<\/em> occurs?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li>A rise in inflation.<\/li>\n<li>GDP stays constant.<\/li>\n<li>An increase in the employment level.<\/li>\n<\/ol>\n<h3><strong>Solution<\/strong><\/h3>\n<p>The correct answer is <strong>B<\/strong>.<\/p>\n<p>Higher aggregate demand and aggregate supply raise GDP, hence lowering unemployment. As a result, the employment level increases.<\/p>\n<\/blockquote>\n<div class=\"notes_inv\"><hr>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/learning-sessions-curriculum-economics\/\"><em>Economics &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Short-run macroeconomic equilibrium only occurs when the amount of real GDP demand equals the amount of GDP supply. On a graph, this happens at the point where the AD curve intersects the short-run average supply curve, exactly on the long-run&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31959","post","type-post","status-publish","format-standard","hentry","category-economics","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding Short-Run Macroeconomic Equilibrium | CFA 1<\/title>\n<meta name=\"description\" content=\"Learn how short-run equilibrium impacts full employment. 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