Question

In the short run, nominal wages and other input prices are assumed to be:responsive to product price-level changes, but in the long run they are assumed to be unresponsive. unresponsive to product price-level changes, and in the long run they are assumed to be unresponsive also.unresponsive to product price-level changes, but in the long run they are assumed to be responsive. responsive to product price-level changes, and in the long run they are assumed to be responsive also.

Answer 1

Unresponsive to changes in product pricing, but expected to be responsive in the long run.

What exactly do users presume by a product?

A product is an item that is for sale. A item can be either a provider or a physical item. It can be physical, virtual, or cyber. Every product has a cost, and every product has a price. The price that is charged is set by the market, the excellence, the marketing, and the targeted segment.

What are the seven different types of products?

The eight types of goods are as follows:

• Premium or high-end items.
• Unwanted products.
• Products that are specialized.
• Commodities.
• Preferences of customers.
• Products for your convenience.
• Goods that are complementary.

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