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Author Question: According to the Lucas supply function, if a firm mistakenly perceives that all prices are going up ... (Read 96 times)

WhattoUnderstand

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Question 1

With the Lucas supply function, a price surprise means


◦ actual price is greater than expected price.
◦ actual price is less than expected price.
◦ actual price equals expected price.
◦ actual price is either greater than or lower than expected price.

Question 2

According to the Lucas supply function, if a firm mistakenly perceives that all prices are going up because its own output price is going up, it will


◦ decrease its production.
◦ increase its production.
◦ keep its production level constant.
◦ increase expectations regarding its own output price.


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Marked as best answer by WhattoUnderstand on Apr 19, 2019

lgoldst9

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WhattoUnderstand

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Reply 2 on: Apr 19, 2019
YES! Correct, THANKS for helping me on my review


amandanbreshears

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Reply 3 on: Yesterday
:D TYSM

 

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