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If both parents have brown hair because both carry two alleles for brown hair, their children will also have brown hair, but it might be a different shade of brown than either parent. Why is this? Isn't brown brown?
Short-run
A period in which at least one input is fixed while others can be varied to change the level of output.
Wage Rates
The standard amount of compensation a worker receives for labor, typically expressed per hour, day, or piece.
Sticky Downward
Describes prices or wages that are resistant to decrease even in conditions where economic theory suggests they should fall, contributing to slow adjustments in markets.
Long-run Aggregate Supply
Long-run aggregate supply represents the total output of goods and services that an economy can produce when it is operating at full capacity, unaffected by the price level in the long term.
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