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The labour market in an economy is characterised by the following equations: Wage setting: = 0.40.5u Pe Price setting: = 0.3 In which W is nominal wages, P9 and P are expected nominal prices and nominal prices, respectively, u is level of unemployment. Consider a linear production function for rms such that Q = N, i.e., production for rms (Q) depends only on the number of employees (N). Considering this information, which of the following statements are CORRECT: _ If wage setters become more responsive to changes in unemployment (e.g., from -0.5 to -0.7), the equilibrium wage rate will increase. The price mark-up (p) for this economy is equal to 3 (Le. p = 3). If actual unemployment falls below the equilibrium level of unemployment due to a demand shock, WS real wage may be above 0.3 (i.e. WWS = is > 0.3) If actual output is above potential output (y, > ye), actual unemployment rate would be below 0.2 (Le. u,