An Adjustment "Asymmetry" in Aggregate Supply Is

question 1

Multiple Choice

An adjustment "asymmetry" in aggregate supply is

• A)the concave shape of the AS curve.
• B)the convex shape of the AS curve.
• C)the difference in speed of a rightward shift versus a leftward shift (when wages adjust to output gaps).
• D)the difference in speed of increases in factor prices versus wage rates (when wages adjust to output gaps).
• E)the difference in speed of decreases in output levels.

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Definitions:

Accord and Satisfaction

A legal agreement between parties to settle a dispute by agreeing on an acceptable form of compensation.

Bona Fide Dispute

A genuine disagreement or argument between parties that could lead to legal action, where both sides have reasonable grounds for their positions.

Novation

A legal process that involves the replacement of an existing obligation with a new one, transferring the rights and duties to a different party.

Anticipatory Breach

An action in contractual agreements where one party indicates they will not fulfill their contractual obligations before the due time.