How does the slope of the AS curve affect the closure of the GDP gap?

The slope of the Aggregate Supply (AS) curve influences the responsiveness of output to changes in aggregate demand. A flatter AS curve indicates that an increase in demand will lead to a more significant increase in real GDP, helping to close the GDP gap more effectively. Conversely, a steeper AS curve implies that higher demand results in less output increase and potentially more inflation, making it harder to close the GDP gap. Therefore, the slope of the AS curve plays a crucial role in determining how quickly and effectively an economy can adjust to reach its potential output.