AP Macroeconomics

study guides for every class

that actually explain what's on your next test

Long-Run Aggregate Supply (LRAS)

from class:

AP Macroeconomics

Definition

LRAS represents the total amount of goods and services an economy can produce when all resources are fully utilized, and prices have adjusted to their long-run equilibrium levels. It is a vertical line on the aggregate supply curve.

congrats on reading the definition of Long-Run Aggregate Supply (LRAS). now let's actually learn it.

ok, let's learn stuff
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.