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Assuming that some nominal prices are set for lengthy periods (e.g. prices displayed on menus or catalogs), which of the following is an accurate description
Assuming that some nominal prices are set for lengthy periods (e.g. prices displayed on menus or catalogs), which of the following is an accurate description of why the short-run aggregate supply curve (SRAS) might shift to the right? Group of answer choices If inflation is higher than expected, consumers gain higher than expected economic surplus from purchases, which increases sales and creates an incentive for higher production If inflation is lower than expected, consumers gain higher than expected economic surplus from purchases, which increases sales and creates an incentive for higher production If inflation is higher than expected, consumers gain lower than expected economic surplus from purchases, which decreases sales and creates a disincentive for higher production If inflation is lower than expected, consumers gain lower than expected economic surplus from purchases, which decreases sales and creates a disincentive for higher production
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