According to the misperceptions theory of short-run aggregate supply, if a firm thought that inflation was going to be 5 percent and actual inflation was 6 percent, then the firm would believe that the relative price of what it produce had Select one: a. increased, so it would increase production. O b. increased, so it would decrease production. O c. decreased, so it would increase production. O d. decreased, so it would decrease production.

According to the misperceptions theory of short-run aggregate supply, if a firm thought that inflation was going to be 5 percent and actual inflation was 6 percent, then the firm would believe that the relative price of what it produce had Select one: a. increased, so it would increase production. O b. increased, so it would decrease production. O c. decreased, so it would increase production. O d. decreased, so it would decrease production.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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