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Author Question: If nominal wages are contractually fixed and cannot change in the short run, then an unexpected ... (Read 26 times)

fasfsadfdsfa

  • Hero Member
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  • Posts: 554
on: Jun 30, 2018
If nominal wages are contractually fixed and cannot change in the short run, then an unexpected decline in the inflation rate will reduce business revenues and lower the unemployment rate.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If the short run elasticity of demand for widgets is 1.1 and the long run elasticity of demand for widgets is 3.6, a decrease in price will ____ total revenue in the short run and ____ total revenue in the long run.
 a. Increase; increase.
 b. Increase; decrease.
  c. Decrease; increase.
  d. Decrease; decrease.


ttt030911

  • Sr. Member
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  • Posts: 315
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

a


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