Which of the following is true about wage agreements?
A) Implicit wage agreements are based on a labor contract.
B) Explicit wage agreements are based on based on labor market practices.
C) Explicit wage agreements are based on a labor contract and implicit wage agreements are based on labor market practices.
D) Both explicit wage agreements and implicit wage agreements are based on a labor contract.
E) Neither explicit wage agreements nor implicit wage agreements are based on labor market practices.
Correct Answer:
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