Most economists believe that the major macroeconomic importance of labor markets is that they:

transmit disturbances from one sector to another.
are the major source of economic disturbances.
dampen instabilities caused in other sectors.
fail to adjust rapidly from disequilibrium.

When drawing aggregate demand and aggregate supply curves, an upward-sloping aggregate supply curve shows what happens to production when:

prices have adjusted completely.
there is price stickiness.
all disturbances are monetary.
fiscal policy is used with a lag.

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