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Graphically Illustrate (Using the WS and PS Relations)and Explain the Effects

question 20

Essay

Graphically illustrate (using the WS and PS relations)and explain the effects of an increase in the markup on the equilibrium real wage,the natural rate of unemployment,the natural level of employment,and the natural level of output.


Definitions:

Rightness

The quality of being morally correct, just, or honorable, often used to describe actions or decisions that conform to moral or ethical principles.

Backward-looking Reasons

Justifications for actions or decisions that are based on events, information, or values from the past.

Act Consequentialism

A moral theory that assesses the morality of actions based on their outcomes or consequences.

Act Consequentialism

An ethical theory that judges the moral worth of an action based solely on the outcomes or consequences of that action.

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