Question: Which statement explains the shape of the long-run aggregate supply curve (LRAS)? It is vertical and parallel to the y-axis because in the long run,

Which statement explains the shape of the long-run aggregate supply curve (LRAS)?

It is vertical and parallel to the y-axis because in the long run, the total output is not dependent on price level.

It is horizontal and parallel to the xaxis because in the long run, the total output is dependent on price level.

It is upward sloping because it is affected by the price level.

It is a downward-sloping curve because it is affected by the price level.

It is horizontal until the point where the price is flexible.

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