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To Kant, Each of Us Figures Out for Ourselves What

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To Kant, each of us figures out for ourselves what is right or wrong on the basis of our own subjective opinions.


Definitions:

Monopsony

A market structure in which there is only a single buyer of a good, service, or resource.

Minimum Wage

The lowest legal salary that workers can be paid by employers, set by government law or policy.

Nominal Wage

Refers to the wage paid to labor in current dollars, without adjustment for inflation, representing the face value of payments received.

Price Level

The mean price level of all goods and services currently being produced in the economy.

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