In the Medium Run the Aggregate Supply Curve Is Upward

question 46

Multiple Choice

In the medium run the aggregate supply curve is upward sloping since

• A)workers immediately realize that nominal wage increases are really the result of price increases
• B)firms encounter costs in resetting prices and are reluctant to change wages following a change in aggregate demand
• C)wages and prices always immediately change in proportion to the money stock
• D)there is always natural friction in the labor market that prevents unemployment from reaching zero
• E)none of the above

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