In the accompanying graph, illustrate the impact of an increase in the contracted nominal wage. In flation Rate Real GDP 0 1 2 3 4 5 6 7 8 9 10 0 1 2 3 4 5 6 7 8 9 10 LRAS How do nominal wage changes affect the economy's SRAS output at the long-run equilibrium? Cannot be determined because the answer depends on the position of the aggregate demand curve. Nominal wages have no impact on output in the long run. An increase in the nominal wages increases output in the long run. An increase in the nominal wages decreases output in the long run