Share This Article:

Economic Definition of long-run aggregate supply curve. Defined.

Offline Version: PDF

Term long-run aggregate supply curve Definition: A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply, or LRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.


« long-run aggregate supply | long-run average cost »


Alphabetical Reference to Over 2,000 Economic Terms