Question

The Long-Run Aggregate Supply (LRAS) curve reflects

		the natural level of output when there is no frictional unemployment
		the level of output that will prevail in the long run as determined by the production function and factors of production
		the level of output that will prevail in the long run as determined by the quantity equation
		the level of output in the long run when the money supply is constant

The Short-Run Aggregate Supply (SRAS) curve reflects

		the natural level of output when frictional unemployment fluctuates
		the positive relationship between the price level (P) and total output (Y) that prevails in the short run due to inflexible prices or misperceptions about economy-wide changes
		the positive relationship between inflation (P) and quantity supplied of total output (Y)
		the positive relationship between the price level (P) and total output (Y) that prevails in the short run because of the classical dichotomy

Answer 1

1) the level of output that will prevail in the long run as determined by the quantity equation. The long run aggregate supply curve reflect the lack of a cause-and-effect relation between real production and the price level.

2)the positive relationship between the price level (P) and total output (Y) that prevails in the short run because of the classical dichotomy.The classical dichotomy refers to the idea that real variables, like output and employment, are independent of monetary variables.as monetary variables fluctuate aggregate demand curve.