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In terms of aggregate supply, the short run is a period in which

Multiple Choice
the price level is constant.
employment is constant.
real output is constant.
nominal wages and other resource prices are inflexible.

1 answer

In terms of aggregate supply, the short run is a period in which:

nominal wages and other resource prices are inflexible.

This characteristic of the short run explains why firms can respond to changes in demand by adjusting output rather than wages or prices.