Examlex
Marika spends her days in the lab trying to create new and useful inventions.She would like to protect her monopoly over her inventions but only has time to submit one patent application at this time.She would like your advice on which of her following creations is the most likely to be granted a patent in Canada?
Nominal Wages
Wages that are paid to employees not adjusted for changes in price level, representing the amount of money received in the form of wages, before any deductions for taxes or other adjustments.
Aggregate Supply
The total supply of goods and services that firms in an economy plan on selling during a specific time period at various price levels.
Potential Output
The maximum amount of goods and services an economy can produce when it is most efficiently using all its resources.
Recessionary Gap
A situation where an economy's real GDP is lower than its potential GDP, indicating underutilized resources.
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