8. Problems and Applications Q6 Consider the three theories of the upward siope of the short-run aggregate-supply curve. According to the sticky-wage theory, the economy is in a recession because the price level has declined so that labor demand is too 7 . True or False: According to the sticky-price theory, the economy is in a recession because people expect prices to rise quickly in a recession. 0 True 0 False According to the misperceptions theory, the economy is in a recession when suppliers mistakenly beiieve that the relative price of their goods has 7