If a short-run equilibrium occurs at a level of output above the natural rate, then in the transition to the long run prices will ________, and output will decrease; increase increase; decrease increase; increase decrease; decrease
If a short-run equilibrium occurs at a level of output above the natural rate, then in the transition to the long run prices will ________, and output will decrease; increase increase; decrease increase; increase decrease; decrease
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter12: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 11CQ
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