Explain how each of the following will affect short-run aggregate supply: a. An increase in wage rates b. A beneficial supply shock c. An increase in the productivity of labor d. A decrease in the price of a nonlabor resource (e.g., oil)
Macroeconomics
Macroeconomics
Solutions
Explain how each of the following will affect short-run aggregate supply:
a. An increase in wage rates
b. A beneficial supply shock
c. An increase in the productivity of labor
d. A decrease in the price of a nonlabor resource (e.g., oil)
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