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Explain how technological changes that have reduced the demand for low-skilled workers can change the natural rate of unemployment in the presence of rigid wages for this group.
Contract Law
The body of law that governs the formation, execution, and enforcement of agreements between parties, ensuring the legality of transactions and obligations.
Power of Attorney
A legal paper that provides one individual the power to represent another individual in legal or financial affairs.
Agency Agreement
A contract where one party (the agent) agrees to represent or act for another party (the principal) in business dealings with third parties.
Writing Requirement
A legal principle that certain kinds of contracts or agreements must be memorialized in a signed writing to be enforceable.
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