Explain Why the Short-Run Aggregate Supply Curve (SRAS)is Upward Sloping,while

question 187

Essay

Explain why the short-run aggregate supply curve (SRAS)is upward sloping,while the long-run aggregate supply (LRAS)curve is a vertical line.

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Definitions:

Quantity Supplied

The complete measure of a good or service that suppliers are willing and capable of selling at an identified price throughout a specified duration.

Supply Curve

A graph that represents the relationship between the price of a good or service and the quantity of it that suppliers are willing to produce at various prices.

Personal Computers

Electronic devices designed for individual use, capable of executing a set of instructions and processing data.

Fabric

A material made from fibers, threads, or yarns, used for producing clothing, household items, and other textiles.