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Why Is the Long-Run Aggregate Supply Curve Vertical? Explain the Factors

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Essay

Why is the long-run aggregate supply curve vertical? Explain the factors that determine the position of the long-run aggregate supply curve.


Definitions:

Homology

Homology refers to the similarity in structure, position, or evolutionary origin of traits among different species, indicating a common ancestral origin.

Homoplasy

The occurrence of similar traits in different species not due to common ancestry, often resulting from convergent evolution or evolutionary reversals.

Descendants

The offspring or later generations stemming from a particular ancestor or ancestral group.

Adaptation

The process by which a species becomes better suited to its environment through genetic changes that promote survival and reproduction.

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