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The upward slope of the short-run aggregate supply curve is based on the assumption that:

1. Wages and other resource prices do not respond to price level changes.

2. Wages and other resource prices do respond to price level changes.

3. Prices of output do not respond to price level changes.

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Sonal Bahl
Sonal BahlLv10
28 Dec 2020

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Related questions

The short-run aggregate supply curve is positively sloped because:

A. wages and other costs of production respond immediately to changes in prices.
B. profit is lower when prices increase, so output decreases.
C. workers are willing to work for lower wages rather than be laid off.
D. higher prices lead to higher profit and higher output.

The short-run aggregate supply curve is positively sloped because:
A. wages and other costs of production respond immediately to changes in prices.
B. profit is lower when prices increase, so output decreases.
C. workers are willing to work for lower wages rather than be laid off.
D. higher prices lead to higher profit and higher output.
 
 
 

If the short-run aggregate supply curve is horizontal, then changes in aggregate demand affect

a. level of output and prices

b. prices

c. level of output and inputs in the production

d. level of output but not prices

 

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