Short-run aggregate supply curves reflect an inverse

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Reference no: EM13981923

Which of the following statements are true? Which are false?

a. Short-run aggregate supply curves reflect an inverse relationship between the price level and the level of real output.

b. The long-run aggregate supply curve assumes that nominal wages are fixed.

c. In the long run, an increase in the price level will result in an increase in nominal wages.

Reference no: EM13981923

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