As output exceeds potential output, wages and prices throughout an economy will rise above previous inflation rates.
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Q17: In macroeconomics, the period of time in
Q18: If potential output is _ than the
Q19: When GDP is below potential output, prices
Q20: In the long run
A) prices are sticky.
B)
Q21: Assuming an upward-sloping short-run aggregate supply curve,
Q23: When the economy is producing below full
Q24: The short-run aggregate supply curve is relatively
Q25: Explain what is meant by the "wage-price
Q26: Wages and prices will decrease when unemployment
Q27: Consider an aggregate demand / aggregate supply
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