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In the long run: The AD curve is vertical, but the long run aggregate supply (LRAS) curve is horizontal The AD curve is downward sloping,
In the long run: The AD curve is vertical, but the long run aggregate supply (LRAS) curve is horizontal The AD curve is downward sloping, but the LRAS curve is vertical The LRAS curve is upward sloping, but the AD curve is downward sloping The AD and LRAS curves are both downward sloping
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Microeconomics
Authors: David Besanko, Ronald Braeutigam
5th edition
1118572270, 978-1118799062, 1118799062, 978-1118572276
