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Suppose the price level rises and the money wage remains constant. This set of changes leads to
Outgroup
A social group to which an individual does not identify or belong, often perceived as fundamentally different or distinct from one's in-group.
Inferior
Considered lower in status, quality, or importance compared to others.
Outgroup Homogeneity Effect
cognitive bias referring to the tendency to see members of an outgroup as more similar to each other than members of one's ingroup.
Similar
Having traits or characteristics in common; alike in substance or essentials.
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