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Home Q & A Board Other Fields Homework Help Business Economics
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Mandolina Mandolina
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7 years ago
When the overall price level in the economy rises,
A) businesses may supply more or less output depending on the size of the increase in the price level.
B) businesses will supply more output since some input costs are fixed in the short run making it profitable to expand output.
C) the economy's potential GDP will increase.
D) businesses will supply less output since wage rates and some other input costs are fixed by long-term contracts.
E) businesses will tend to supply more output since more output can be sold at the higher price level.
Textbook 
Introduction to Economic Reasoning

Introduction to Economic Reasoning


Edition: 8th
Author:
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foliogefolioge
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7 years ago
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Mandolina Author
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#2
7 years ago
Makes a ton of sense now Smiling Face with Open Mouth
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