In Terms of Aggregate Supply, a Period in Which Nominal

question 90

Multiple Choice

In terms of aggregate supply, a period in which nominal wages and other resource prices are unresponsive to price-level changes is called the

• A) long run.
• B) short run.
• C) immediate market period.
• D) very long run.

---

Definitions:

Express Condition

A clearly stated, specific requirement within a contract that must be met for the contract to be fulfilled or an obligation to become due.

Contractual Obligation

A duty or commitment that one party is legally required to perform as per the terms of a contract.

Market Price

The current price at which an asset or service can be bought or sold in a given market.

Added Cost

Additional expenses incurred beyond the initially planned or budgeted amounts.