Question

define aggregate supply

Answer 1

Supply is services or goods which the producers provide the market with this is actually to meet the demand of the consumers. Aggregate means whole so aggregate supply is the total supply or output of the goods of services. 
 
There are two types of aggregate supplies: 

Short Term: This is when the prices change but the demand for the particular product and other factors stay unchanged.

Long Term: In this, both prices and wage rates can change. 

Answer 2

Answer:

Aggregate supply refers to flow of goods and services as planned by the producers during an accounting year. It is identical with the flow of income during an accounting year. Aggregate supply and income , therefore may be treated as identical to each other

Explanation: