When aggregate demand changes frequently, according to Lucas, prices change ______ (often, seldom) and aggregate supply...
When aggregate demand changes frequently, according to Lucas, prices change ______ (often, seldom) and aggregate supply is _____ (steeper, flatter)
a. often; flatter
b. seldom; steeper
c. seldom; flatter
d. often; steeper
Consider the previous statement. We said in lecture it’s supported by international data. We also said that could be explained by
a. the imperfect information model
b. neither model
c. both models
d. sticky price model
Homework Answers
D) often;steeper
When aggregate demand changes frequently, according to Lucas,price change often and aggregate supply is steeper.
C both models
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