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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Labor Productivity and Economic Growth outlined the logic of how increased productivity is associated with increased wages. Detail a situation where this is not the case and explain why it is not.

To determine

The situation where increased productivity is not associated with increased wages is to be determined.

Explanation

As labor productivity is associated with increased wages. There are a lot of circumstances where the labor productivity and wages go hand in hand.

Generally, the increase in the productivity of labor leads to an increase in the wages. Moreover an increase in the productivity of labor leads to an increase in the standard of living. This happens because, when the workers produce more goods, their wages will rise and as a consequence, the disposable income will also rise...

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