Which of the following would happen as the wage rate gradually adjusts following a shock?
a. Nothing will change
b. A shift of the production possibilities frontier
c. A shift in the short-run aggregate supply curve
d. A shift in the aggregate demand curve
e. A shift in the long-run aggregate supply curve
C
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What are the key characteristics of a public good?
What will be an ideal response?
The demand curve faced by a perfectly competitive firm is:
a. perfectly inelastic. b. relatively elastic. c. unit elastic. d. perfectly elastic. e. relatively inelastic.
One characteristic of a public good is that it is ____________, which means that it is costly or impossible to prevent someone from using the good.
a. nonrivalrous b. noncooperative c. nonexcludable d. nonpartisan
A period in which the economy is growing at a rate significantly below normal is called a(n):
A. boom. B. expansion. C. recession. D. peak.