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INFLEXIBLE WAGES: The proposition that some wages adjust slowly in response to labor market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) wages are a key reason underlying the positive slope of the short-run aggregate supply curve.

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Lesson 16: Aggregate Shocks | Unit 2: Extension Page: 6 of 21

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  • The different determinant induced shifts of the AD, LRAS, and SRAS curves.
  • A few of the more important determinants that shift the AD, LRAS, and SRAS curves.
  • How specific real-world issues, such as increases in physical wealth, changes in monetary policy, technological advances, and wage changes, create instability in the macroeconomy.
  • How the self-correction mechanism works through wage-changes and the labor market to restore the long-run equilibrium.

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LONG RUN, MICROECONOMICS

In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.

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