Economics Help! AS curves

Question

Explain why the SRAS curve is upward sloping, but the LRAS is vertical at the full-employment level of real GDP. Your answer must address output prices, input prices, profit margins, nominal wages, real wages, labor force participation rate, stock of capital goods, and level of technology.

i know why it's upward sloping due to input prices, nominal wages, and output prices. can anyone explain the rest please??

thankyou

Answer 1

Basically, the SRAS is upward sloping because the higher the price of goods, the more firms will supply of it.

The LRAS is vertical because it is based on the amount of output the economy can produce, irrespective of GDP.