Consider the three theories of the upward slope of the short-run aggregate-supply curve. a. According to the sticky-wage theory, the economy is in a recession because the price level has declined so that labor demand is too. True or False: b. According to the sticky-price theory, the economy is in a recession because people expect prices to rise quickly in a recession. True False c. According to the misperceptions theory, the economy is in a recession when the price level is what was expected.
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