In the short run, if the price level increases, then nominal wages:
A) Stay fixed, therefore firms' revenues and profits will increase
B) Stay fixed, and the firms' revenues and profits also stay the same
C) Increase, causing firms' revenues and profits to fall
D) Decrease, causing firms' revenues and profits to rise
Correct Answer:
Verified
Q1: In the graphs below, QP refers to
Q3: In the short run, the price level
Q4: In the graphs below, QP refers to
Q5: In the graphs below, QP refers to
Q6: In the short run, nominal wages and
Q7: Assume that initially your nominal wage was
Q8: In the long run, if the price
Q9: In the graphs below, QP refers to
Q10: In the graphs below, QP refers to
Q11: The short-run aggregate supply curve illustrates the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents