For which of the following goods is the price least likely to be flexible?

Which of the following is a definition of economic fluctuations?

a. Movements in prices around their long-run trend b. Shifts in the long-run trend of output c. Movements of the real wage over the long run d. Shifts in the long-run trend of prices e. Movements in output around its long-run trend

The amount of money received in a particular period adjusted for changes in purchasing power is called:

A. nominal income. B. real income. C. a cost-of-living index. D. consumer surplus.