Purchase Solution

The long-run aggregate supply (LRAS) curve

Not what you're looking for?

Ask Custom Question

The long-run aggregate supply curve is vertical at the economy's potential output level. Why is the long-run aggregate supply curve located at his level of output rather than below or above the potential output level?

Purchase this Solution

Solution Summary

The long-run aggregate supply (LRAS) curve is described.

Solution Preview

The long-run aggregate supply (LRAS) curve relates the price level to real national income after wage rates and all other input costs have been fully adjusted to eliminate any ...

Purchase this Solution

Free BrainMass Quizzes
Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.