Learning objectives -The model of aggregate supply in which output depends positively on the price level in the short run the short-run tradeoff between inflation and unemployment known as the Phillips curve CHAPTER 13 Aggregate Supply slide 1CHAPTER 13 Aggregate Supply slide 1 Learning objectives ▪ The model of aggregate supply in which output depends positively on the price level in the short run ▪ the short-run tradeoff between inflation and unemployment known as the Phillips curve