Long run aggregate supply

• How does technological advances affect long run AS?

  New technology can decrease costs for firms, causing AS to increase
• How do relative productivity changes affect long run AS?

  If there is an increase in productivity, AS will increase
• How do education and skill changes affect long run AS?

  If more people are well educated than AS will increase
• How do changes in government regulations affect long run AS?

  If a government introduces laws to reduce pollution, firms may have to change technology, and AS will decrease
• How would changes in the minimum wage affect long run AS?

  An increase in the minimum wage would increase costs for firms, meaning AS will decrease