Distinguish between the short-run and the long-run effects

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(Wall Street Journal) In the short run, some workers' wages are determined by contracts, and some are not. The split between costs that change as production changes and those that do not is a key determinant of the shape of the short-run aggregate supply curve. To get a better feel for wage determination, look at the "Work Week" column in the first section of Tuesday's Wall Street Journal. Determine how some of the developments described there are likely to affect aggregate supply. Make sure that you distinguish between the short-run and the long-run effects. Draw a diagram to illustrate your conclusions.

Reference no: EM131227940

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