Describe the Characteristics of the Long-Run Aggregate Supply Curve

question 23

Essay

Describe the characteristics of the long-run aggregate supply curve.Explain how changes in the price level affect the short-run aggregate supply curve and the long-run aggregate supply curve.

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Definitions:

Government Workers

Employees who are employed in the public sector, working for government entities at various levels.

Businesses

Entities engaged in commercial, industrial, or professional activities, aiming to generate profits from the goods or services they offer.

Craft Union

Labor union whose members all have a particular skill or occupation.

Bargaining Power

The capacity of one party in a negotiation to influence the terms of an agreement or the balance of power between negotiating parties.