Explain the role of labor contracts along the sras curve

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(Contractionary Gaps) After reviewing Exhibit 3 in this chapter, explain why contractionary gaps occur only in the short run and only when the actual price level is below what was expected. 6. (Short-Run Aggregate Supply) In interpreting the short-run aggregate supply curve, what does the adjective short-run mean? Explain the role of labor contracts along the SRAS curve.

Reference no: EM131227980

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