ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Aggregate supply is the total quantity of output firms will produce and sell-in other words, the real GDP. The upward-sloping aggregate supply curve-also known as the short run aggregate supply curve-shows the positive relationship between price level and real GDP in the short run.

Detailed explanation-2: -Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.

Detailed explanation-3: -Aggregate supply, also known as total output, is the total supply of goods and services produced within an economy at a given overall price in a given period.

Detailed explanation-4: -Aggregate Supply is the total quantity of all goods and services produced in an economy at all possible price levels at a given time. Aggregate Demand is the total quantity of all goods and services consumed in an economy at all possible price levels at a given time.