Really basic question that I've struggled with for a while. In low-cost fans, a series of mechanical buttons select fan speed. I assume each button is connected to a specific resistor which limits the current/divides the voltage to the fan motor, depending on how they are arranged.
My question is, is it irrelevant to the overall power used by the appliance whether the fan is operating on low or high speed? My assumption is that the energy is simply wasted to heat the resistor on the low speed setting.