When economists address the concept of price and wage stickiness in relation to the business cycle,they are referring to

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When economists discuss price and wage stickiness in relation to the business cycle, they are generally referring to nominal prices and nominal wages, rather than real prices and real wages. This is because nominal wages and prices tend to be slower to adjust in response to changes in supply and demand, while real wages and prices tend to be more flexible. As a result, nominal wage and price stickiness can play a significant role in the timing, depth, and duration of economic recessions and recoveries.

When Economists Address the Concept of Price and Wage Stickiness