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Chapter 24: Q 29. (page 602)

What is stagflation?

Short Answer

Expert verified

Stagflation occurs when the SRAS curve shifts leftwards.

Step by step solution

Step 1. Introduction

Stagflation is a situation when an economy is facing an increase in inflation without an increase in economic output.

Step 2. Explanation

Mainly stagflation occurs when there is a negative supply shock. This happens when the entire economy like labor and energy becomes more expensive or in short supply because of increased prices. The most common example is crude oil.