The long-run economic level of output, according to the vertical, long-run aggregate supply curve, depends on?

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28-07-2022
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The long-run economic level of output, according to the vertical, long-run aggregate supply curve, depends on?

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MubeenaD MubeenaD · Answer 1 · 2022-08-02T11:09:51+02:00

The long-run economic level of output, according to the vertical, long-run aggregate supply curve, depends on the economy's labor, capital, and technology, but not on the overall level of prices.

The level of production produced by enterprises and the price level over the long term are related by the long-run aggregate supply (LRAS) curve.

The long-run aggregate supply curve in Panel, "Natural Employment and Long-Run Aggregate Supply," is a vertical line at the economy's potential production level.

The one real wage at which employment stabilizes is that wage. Only a real wage of e generates natural employment Le in Panel, "Natural Employment and Long-Run Aggregate Supply."

However, any of an indefinitely large number of nominal salary and price-level combinations might be used in the economy to reach this actual wage.

Assume, for instance, that the equilibrium real wage is 1.5, or the ratio of wages to the level of prices.

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