Question

Which of the following statements are true? Which are false? Explain why the false statements are untrue.
a. Short-run aggregate supply curves reflect an inverse relationship between the price level and the level of real output.
b. The long-run aggregate supply curve assumes that nominal wages are fixed.
c. In the long run, an increase in the price level will result in an increase in nominal wages.



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  • CreatedMay 23, 2013
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