Examlex
Which of the following are the two assumptions necessary for viewing marriage as a market?
Nominal Wages
Refers to the actual money paid to workers, not adjusted for inflation.
Price Level
The general average of the prices of goods and services in an economy at a given time.
Real Wages
Wages that have been adjusted for inflation, reflecting the actual purchasing power of the income received by workers.
Principal-Agent Problem
A dilemma in a relationship where one party (the agent) is expected to act in the best interest of another (the principal), but may have motivations to act in their own interest instead.
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