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:

Stator Windings

are the stationary part of an electric motor or generator, consisting of coils wound around a core that generates a magnetic field when electricity is passed through.

Wye Connection

A method of connecting three-phase electrical circuits where the ends of each phase are connected at a single point, forming a Y shape.

Delta Connection

A method of connecting three-phase electrical circuits where the start of each phase is connected to the end of the next, forming a triangle (delta shape).

Diodes

Semiconductor devices that allow current to flow in one direction only, used in various electrical applications.