{
  "id": "ad-as-long-run-equilibrium",
  "name": "Long-run equilibrium (new classical / monetarist)",
  "unit": "macro",
  "unitName": "Unit 3 · Macroeconomics",
  "topic": "AD/AS model",
  "hl": false,
  "description": "In the new classical model the economy is in long-run equilibrium where AD and SRAS intersect on the vertical LRAS at potential output (Yp).",
  "keywords": [
    "LRAS",
    "long-run aggregate supply",
    "monetarist",
    "new classical",
    "potential output",
    "full employment",
    "long-run equilibrium"
  ],
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  "previewUrl": "https://graphs.lectere.com/thumbs/ad-as-long-run-equilibrium.svg",
  "editorUrl": "https://graphs.lectere.com/graph/ad-as-long-run-equilibrium/",
  "params": [
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      "label": "Label equilibrium point (E)",
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  ],
  "defaults": {
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  },
  "panels": [
    {
      "id": "main",
      "title": null,
      "xLabel": "Real GDP",
      "yLabel": "Average price level",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
        "x": "main:x",
        "y": "main:y"
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  "labels": [
    {
      "key": "main:y",
      "default": "Average price level",
      "hint": "Vertical axis",
      "panel": "main"
    },
    {
      "key": "main:x",
      "default": "Real GDP",
      "hint": "Horizontal axis",
      "panel": "main"
    },
    {
      "key": "main.lras",
      "default": "LRAS",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.ad",
      "default": "AD",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.sras",
      "default": "SRAS",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.e:y",
      "default": "PL_e",
      "hint": "Vertical-axis value",
      "panel": "main"
    },
    {
      "key": "main.e:x",
      "default": "Y_p",
      "hint": "Horizontal-axis value",
      "panel": "main"
    }
  ],
  "elements": [
    {
      "key": "main.lras",
      "kind": "curve",
      "label": "LRAS"
    },
    {
      "key": "main.ad",
      "kind": "curve",
      "label": "AD"
    },
    {
      "key": "main.sras",
      "kind": "curve",
      "label": "SRAS"
    },
    {
      "key": "main.e",
      "kind": "point"
    }
  ],
  "stats": null,
  "example": {
    "template": "ad-as-long-run-equilibrium",
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}