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Nikitich [7]
3 years ago
8

Consider the three theories of the upward slope of the short-run aggregate-supply curve. According to the sticky-wage theory, th

e economy is in a recession because the price level has declined so that real wages are too_____ , thus labor demand is too______ .According to the sticky-price theory, the economy is in a recession because______ .According to the misperceptions theory, the economy is in a recession when the price level is_______ what was expected. (fill in the blanks).
Business
1 answer:
mrs_skeptik [129]3 years ago
7 0

Answer:

According to the sticky-wage theory, the economy is in a recession because the price level has declined so that real wages are too high, thus labor demand is too low.

According to the sticky-price theory, the economy is in a recession because not all prices adjust quickly.

According to the misperceptions theory, the economy is in a recession when the price level is below what is expected.

Explanation:

The above mentioned are the three theories of the upward slope of the short-run aggregate-supply curve.

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