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Title: Long Run Aggregate Supply
Description: A*/A material for A Level Economics
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Thursday 28th January 2016
Long-run Aggregate Supply (LRAS)
The Classical LRAS Curve
Price Level

LRAS"

LRAS

Real GDP
Classical LRAS: assumes an economy's output is always at its maximum productive potential,
regardless of price level
* Assumes that all resources are being fully utilised and that there is no unemployment in the long
run
Keynesian LRAS Curve
Price Level

LR AS

Min wage

Recession! High unemployment!
The economy produces well-below
its potential output
...


Classical
Labour and resources are fully
employed so output can't increase
any more
Title: Long Run Aggregate Supply
Description: A*/A material for A Level Economics
Buy These NotesPreview