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Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884 Exercise 16
Inflation Can Act as a Safety Valve
Workers will more readily accept a real wage cut that arises from an increase in the price level than a cut in their nominal wage rate.
Workers will more readily accept a real wage cut that arises from an increase in the price level than a cut in their nominal wage rate.
Explanation
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As we know that the inflation means pers...
Macroeconomics 11th Edition by Michael Parkin
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