Explain Why the AS Curve Cannot Be the Sum of the Supply

question 11

Essay

Explain why the AS curve cannot be the sum of the supply curves of all the individual firms in the economy.

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Definitions:

Purchased

Purchased refers to the acquisition of goods or services in exchange for money or other consideration.

Ratifying Contract

The act of formally approving an agreement to make it valid and binding, often after the fact.

Accepting Benefits

The act of receiving advantages, possibly under a contract, and particularly in a manner that implies acknowledgment or endorsement.

Writing

The act or process of forming visible letters or characters specifically for communication or documentation.