The Real Wage Will Rise If the Nominal Wage

question 186

Multiple Choice

The real wage will rise if the nominal wage

• A) falls more rapidly than the general price level.
• B) increases at the same rate as labor productivity.
• C) increases more rapidly than the general price level.
• D) falls at the same rate as the general price level.

Distinguish between movements along the supply curve and shifts of the supply curve.

Explain the adjustment process to equilibrium in the product market and the role of prices in this process.

Understand the concept of equilibrium price and how it is determined by the intersection of supply and demand curves.

Explain how changes in demand and supply influence market equilibrium price and quantity.

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