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 Long-run aggregate supply (LRAS) is a concept in macroeconomics that describes the relationship between the price level and the output level of an economy when all prices are fully flexible. LRAS is a vertical line at the potential output of the economy, which is determined by the available factors of production: labor, capital, technology, and natural resources. LRAS does not depend on the price level because in the long run, all input prices can adjust to changes in the price level. For example, if the price level rises, workers will demand higher wages and firms will raise their prices to maintain their profits. This will restore the equilibrium in the labor and product markets, but it will not affect the output level of the economy. LRAS can shift due to changes in any of the factors of production. For instance, if there is an increase in population, immigration, or labor force participation, the labor supply will increase and LRAS will shift to the right. Similarly, if there is an improvement in technology, capital accumulation, or natural resource discovery, LRAS will shift to the right. On the other hand, if there is a decrease in any of these factors, LRAS will shift to the left. LRAS represents the long-term growth potential of an economy and its ability to produce goods and services efficiently.


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