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Aggregate supply is represented as a schedule or curve showing the relationship between the nation's price level (index) and the amount of real domestic output that firms in the economy produce.
What is Aggregate supply?
- The whole supply of products and services produced within an economy at a specific overall price over a specific time period is known as aggregate supply, also known as total output.
- The relationship between price levels and the amount of output that businesses are prepared to produce is depicted by the aggregate supply curve. Usually, the level of prices and total supply have a positive connection.
- A change in aggregate supply can be ascribed to a number of factors, such as shifts in the quantity and quality of labor, technical advancements, salary increases, production cost increases, producer tax changes, producer subsidy changes, and changes in inflation.
- While some of these factors cause aggregate supply to increase, others cause it to decrease. By lowering the labor cost per unit of supply, for instance, higher labor efficiency—possibly achieved through outsourcing or automation—raises supply production.
- By raising manufacturing costs, salary increases, on the other hand, put downward pressure on the overall supply.
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