Question
Which of the following best describes the short-run
Aggregate Supply (AS) curve in the presence of sticky wages?Solution
In the presence of sticky wages, the short-run Aggregate Supply (AS) curve is upward sloping because as prices increase, firms can hire more workers at the existing wage rate, leading to an increase in output. In the case where both wages and prices are sticky then AS is horizontal and when both are flexible AS is vertical.
Which of the following principle applies when Provision for Doubtful Debts is required to be maintained in the books of accounts?
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