Explain what determines the shape and position of the short-run aggregate supply curve

Explain what determines the shape and position of the short-run aggregate supply curve

Explain what determines the shape and position of the short-run aggregate supply curve

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Textbook: McEachern, W. A. (2015). ECON macroeconomics (4th ed.). Stamford, CT: Cengage Learning.

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Supply refers to the quantity of products that producers are willing and able to sell at a given price while all the other factors are constant. The first factor that determines the shape and position of the short-run aggregate demand curve is the price of products. The quantity supplied increases with increase in prices. High prices lead to high profits and therefore suppliers are…………………..
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