You are here

The Long Run Aggregate Supply Curve

Quick revise

LRAS is determined by the productive resources available in the economy and the productivity of the factors of production (land, labour and capital)

In the long run the assumption is that supply is not dependent on the level of prices in the economy therefore the LRAS is vertical

First Tutors - Find a local private tutor or home tutor anywhere in the UK

PLEASE LOG IN OR REGISTER TO REMOVE THIS ADVERT

PLEASE LOG IN OR REGISTER TO REMOVE THIS ADVERT