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LONG-RUN AGGREGATE SUPPLY CURVE: 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.

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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE

The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.

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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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