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.
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