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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

Why is there unemployment in a labor market with flexible wages?

To determine

The reason for existence of unemployment in the labor market with flexible wages.

Explanation

Unemployment can exist in case of flexible wages due to various reasons. One of the reasons may depend on the employers’ perception of the state of the economy. If the employers expect a boom, they may be willing to hire more labor even with higher wages. But, if the employers expect an economic slowdown, they may reduce wages to a low where m...

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