In the cost-push model of inflation, increases in nominal wage rates that exceed increases in the productivity of labor

Multiple Choice
increase aggregate supply and the price level in the economy.
increase aggregate supply and decrease the price level in the economy.
decrease aggregate supply and the price level in the economy.
decrease aggregate supply and increase the price level in the economy.

1 answer

In the cost-push model of inflation, if nominal wage rates increase but do not correspond to increases in labor productivity, this typically leads to higher production costs for firms. As a result, firms are likely to reduce the quantity of goods they supply at any given price level, leading to a decrease in aggregate supply.

Therefore, the correct answer would be:

decrease aggregate supply and increase the price level in the economy.