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Gordon notes that along with slow labor productivity growth in the period 1973-1995,real wages also grew slowly.What sort of productivity shocks are consistent with this explanation of the link between real wage growth and the growth of labor productivity?
Law of Supply
The law of supply states that, keeping other factors constant, an increase in the price of a good or service will increase its supply, and vice versa.
Quantity Supplied
The amount of a good or service that producers are willing to sell at a given price over a specified period.
Market Supply Curve
A graphical representation showing the quantity of goods that sellers are willing and able to sell at different prices.
Individual Supply Curves
Graphs that depict the relationship between the price of a good and the quantity supplied by an individual producer.
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