When the price level rises and the money wage rate does not change,
A) the quantity of potential GDP increases because the quantity of real GDP supplied increases.
B) the quantity of real GDP supplied increases as more businesses start up and potential GDP does not change.
C) existing businesses do not change their level of output.
D) profits fall and more businesses fail.
E) the quantity of real GDP supplied decreases as more businesses fail and potential GDP does not change.
B
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A) perfect complements B) perfect substitutes C) similar but not identical D) always inferior
A person's wealth
A) is a measure of how much money the person has. B) equals the value of the person's assets minus his or her liabilities. C) is a measure of only his or her current and expected future income. D) All of the above are correct.