Long-run aggregate supply, LRAS for short, is a theoretical concept in economics and finance. Graphically it is expressed as a vertical curve. The vertical nature of the curve points to the fact ...

The aggregate supply curve is derived by using two, and sometimes three stages. These stages are defined as short, medium and long run aggregate supply. The aggregate supply curve is a term used ...

There are two versions of this curve: short run and long run. The short-run curve depicts aggregate supply from the time prices increase to the point at which wages increase to match them.

Long-run aggregate supply (LRAS) refers to the theoretical output ... could improve if the workforce is better educated or receives more training. The term ‘supply curve’ is only used to refer to the ...

Over the long run, aggregate supply is not affected ... Aggregate supply is represented by the aggregate supply curve, which describes the relationship between price levels and the quantity ...

Because the aggregate supply curve is presumed to be vertical ... how individuals and businesses interact with the economy. Long-run money neutrality refers to the belief that changes in the ...