3.4 Long-Run Aggregate Supply (LRAS)

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4 Terms

1
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prices increase but …

GDP does not

2
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Snifters of Long-Run Aggregate Supply

same shifters of the PPC

  • change in resource quantity or quality

  • change in technology

3
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Shifter of LRAS

permanent change in the productions of possibilities can shift LRAS

4
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Assume …

assume that in the long-run the economy will be producing at full employment