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Economics explained


The macroeconomy

Long-run aggregate supply

Long-run aggregate supply

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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

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