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The assignment section of the prewriting stage requires:
Nominal Wages
The wage earned by workers as expressed in current dollars, without adjustment for inflation, representing the face value of the pay received.
Price Level
The average of current prices across the entire spectrum of goods and services produced in the economy.
Real Wages
The purchasing power of wages, reflecting the quantity of goods and services that can be bought with wages after adjusting for inflation.
Purely Competitive
A market structure characterized by many buyers and sellers, free entry and exit, and a homogenous product.
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