Define the aggregate supply curves

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Reference no: EM131483090

Question: In Europe nearly two thirds of wages are covered by union collective bargaining agreements; wage rates are determined (or fixed) for a given time period, typically 2 to 4 years. In the United States, only about one sixth of wages are covered. Unemployment rates in Germany, France, and Italy are typically double that (8-12%) of those in the United States (4-6%). Do higher unemployment rates in Germany, France, and Italy mean that their aggregate supply curves are flatter than ours in the United States?

Reference no: EM131483090

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