In the figure above, the economy is at an equilibrium with real GDP of 16 trillion and a price level of 110. As the economy moves toward its ultimate equilibrium, the ________ curve shifts ________ because ________.
A) aggregate supply; leftward; the money wage rate rises
B) aggregate supply; rightward; the money wage rate falls
C) aggregate demand; rightward; the money wage rate falls
D) aggregate demand; leftward; the money wage rate rises
E) potential GDP; leftward; the money wage rate falls
Question 2
Fill in the blank: Since millions of people now use email as opposed to traditional snail mail, the price elasticity of demand for the Post Office's first class letter service tends to ________.
A) decrease
B) increase
C) increase in the short run but then decrease in the long run
D) leave unchanged
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