Following a decline in the inflation rate, once long-term wage contracts are renegotiated and all prices in the economy adjust to their new equilibrium:
a. the economy will move up the short-run Phillips curve.
b. the short-run Phillips curve will shift to the left.
c. the economy will return to the vertical Phillips curve.
d. the aggregate supply curve will shift to the right.
e. the aggregate demand curve will shift to the right.
Question 2
Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount.
a. True
b. False
Indicate whether the statement is true or false
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