LRAS Y The long run aggregate supply (LR AS) diagramatical function is vertical because: I. The natural rate level of real GDP (Y) is determined by the nation's stock of capital (0, it's labor force ( the available land (T) and the level of production technology. . The LRAS diagramatical function consists of a set of coordinates pairing a given level of the natural rate level of real GDP () with different values of the average price level (P) . The natural rate level of real GDP (Y) is rota tunction of the average price level (P)

LRAS Y The long run aggregate supply (LR AS) diagramatical function is vertical because: I. The natural rate level of real GDP (Y) is determined by the nation's stock of capital (0, it's labor force ( the available land (T) and the level of production technology. . The LRAS diagramatical function consists of a set of coordinates pairing a given level of the natural rate level of real GDP () with different values of the average price level (P) . The natural rate level of real GDP (Y) is rota tunction of the average price level (P)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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