When prices of outputs in an economy become sufficiently high, causing production to exceed potential GDP, the results is that
a) higher wages will encourage workers to take more leisure time
b) the long run aggregate supply curve will shift to the right
c) hyper-intense production will be unsustainable in the long run
d) lower prices will lead to a lower quality of demand

Question

erinaphillips4107 erinaphillips4107

08-12-2022
Business

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When prices of outputs in an economy become sufficiently high, causing production to exceed potential GDP, the results is that
a) higher wages will encourage workers to take more leisure time
b) the long run aggregate supply curve will shift to the right
c) hyper-intense production will be unsustainable in the long run
d) lower prices will lead to a lower quality of demand

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HafsaM HafsaM · Answer 1 · 2022-12-15T09:07:10+01:00

When prices of outputs in an economy become sufficiently high, causing production to exceed potential GDP, the results is that hyper-intense production will be unsustainable in the long run.

A rightward shift in the AS curve occurs when potential GDP rises together with aggregate supply. Additionally moving to the right is the potential GDP line. When there are a change in the money wage rate or other resource prices, the AS curve moves, and the short-run aggregate supply changes.

Controlling how much inflation has an impact on the economy is one of the applications of the GDP. Real GDP growth will increase (reduce) if it is greater (lesser) than the potential growth rate, which will also impact nominal rates and bond prices.

Hence the correct option is C

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