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Explain the following statements with economic reasoining and appropriate diagram(s): a. Every point on a downward sloping AD curve is a point of equilibrium between

Explain the following statements with economic reasoining and appropriate diagram(s):

a. Every point on a downward sloping AD curve is a point of equilibrium between AE and Y. (5 marks)

b. A short-run aggregate supply (AS) curve is upward sloping but flatter at the lower end and steeper at the upper end (5 marks)

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