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


A. Stay fixed, therefore firms' revenues and profits will increase

Economics

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If nominal GDP in 2012 was less than real GDP in 2012, we know for certain that

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Economics