Use the definition of the demand for labor as the marginal revenue product of labor to show how the two statements below can explain why there has been a decline in unskilled workers' real wages.
Definitions:
Procedures
Established methods or steps followed to complete a task or process efficiently and effectively.
High Status
High Status refers to the position of an individual or an entity that is considered superior or prestigious within a social or professional hierarchy.
Information
Data that have been processed into a form that is meaningful to the recipient and is of real or perceived value in current or prospective actions or decisions.
Clear Understanding
A comprehensive and unambiguous grasp of a concept, situation, or piece of information.
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