In the Long Run, If the Price Level Increases, Then

question 9

Multiple Choice

In the long run, if the price level increases, then nominal wages and other input prices:

• A) Also rise, so firms will reduce their output level
• B) Also rise, so firms will not change their output level
• C) Not change, so firms will not change their output level
• D) Decrease, so firms will increase their output level

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Definitions:

Flawed Essay

An essay that contains substantial mistakes, inconsistencies, or gaps in logic that detract from the overall argument or message.

Implicit Association Test (IAT)

A psychological test designed to reveal subconscious preferences or biases by measuring response times to different stimuli.

Reliability

The extent to which a measuring instrument yields reliable and uniform outcomes.

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A form of prejudice that occurs unconsciously, reflecting underlying attitudes or stereotypes that influence an individual's perceptions and actions without their explicit awareness.