(g) Assume that the economy is now initially at equilibrium point Y, where the AD ; intersects the AS;. if there is a recession, aggregate demand decreases and real output shifts from to Assuming wages and prices are flexible downwards, the price level shifts from to (h) These events cause the real wages (rise/ fall) fall) (i) When this happens, the short run aggregate supply curve shifts from new equilibrium point level of output is , and eventually nominal wages (rise / to restore the previous real wages. to its to _and the equilibrium The equilibrium price level is at the long run supply curve

(g) Assume that the economy is now initially at equilibrium point Y, where the AD ; intersects the AS;. if there is a recession, aggregate demand decreases and real output shifts from to Assuming wages and prices are flexible downwards, the price level shifts from to (h) These events cause the real wages (rise/ fall) fall) (i) When this happens, the short run aggregate supply curve shifts from new equilibrium point level of output is , and eventually nominal wages (rise / to restore the previous real wages. to its to _and the equilibrium The equilibrium price level is at the long run supply curve

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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