3.4 Long-Run Aggregate Supply (LRAS)
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Last updated 3:39 PM on 3/7/25
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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
Note 
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