top of page
Long-run aggregate supply
The secret to scoring awesome grades in economics is to have corresponding awesome notes.
A common pitfall for students is to lose themselves in a sea of notes: personal notes, teacher notes, online notes textbooks, etc... This happens when one has too many sources to revise from! Why not solve this problem by having one reliable source of notes? This is where we can help.
What makes TooLazyToStudy notes different?
are clear and concise and relevant
is set in an engaging template to facilitate memorisation
cover all the important topics in the O level, AS level and A level syllabus
are editable, feel free to make additions or to rephrase sentences in your own words!
Looking for live explanations of these notes? Enrol now for FREE tuition!
Long-run aggregate supply is the output that will be supplied in the time period when the prices of factors of production have fully adjusted to changes in aggregate demand and the price level.
The long-run aggregate supply curve shows the relationship between real GDP and changes in the price level when there has been time for input prices to adjust to changes in aggregate demand.
We distinguish between two types of long-run supply curves (LRAS)
The Keynesian LRAS curve
The classical LRAS curve
bottom of page