Long-Run Aggregate Supply Details. Long-run aggregate supply, LRAS for short, is a theoretical concept in economics and finance. Graphically it is expressed as a vertical curve.

As a result, the MRAS curve has a steeper slope than that of the SRAS curve, but not quite as steep as the long run aggregate supply curve. Advertisement. Article continues below this ad.

The long-run curve, on the other hand, depicts aggregate supply after the point of wage increase. In the short run, aggregate supply increases as price increases. However, aggregate supply remains ...

Different factors cause aggregate supply to change, depending on whether we are looking at short-run or long-run. Changes to short-run aggregate supply are often unpredictable and unexpected, while ...

The earliest version posited that the level of money could not affect output or employment even in the short run. Because the aggregate supply curve is presumed to be vertical, a change in the ...