Refer to the given diagram. Assume that nominal wages initially are set on the basis of the price level P2 and that the economy initially is operating at its full-employment level of output Qf. In the short run, an increase in the price level from P2 to P3 willMultiple Choicechange aggregate supply from AS2 to AS3.increase real output from Q1 to Q2.change aggregate supply from AS2 to AS1.increase real output from Qf to Q2.

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16-12-2022
Business

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Refer to the given diagram. Assume that nominal wages initially are set on the basis of the price level P2 and that the economy initially is operating at its full-employment level of output Qf. In the short run, an increase in the price level from P2 to P3 willMultiple Choicechange aggregate supply from AS2 to AS3.increase real output from Q1 to Q2.change aggregate supply from AS2 to AS1.increase real output from Qf to Q2.

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tutorconsortium650 tutorconsortium650 · Answer 1 · 2022-12-20T15:53:07+01:00

reposition the economy from a to b Assume that initial nominal wages are determined based on the P2 price level and that initial output Qf is at the full employment level for the economy.

What does full employment look like?

The circumstance in which everyone who wants to work can find employment at the going rate would be the initial definition of full employment. This would suggest that there is no unemployment because if someone is not willing to work, they shouldn't be considered to be unemployed.

What exactly is full employment, and why is it crucial?

When everyone who is available and looking for work is able to do so at the current pay rates and working conditions, this is known as full employment. It does not imply that there is no unemployment because some people may continue to experience temporary unemployment as they switch jobs or for various reasons.

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