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According to the random walk theory, which of the following is true?
Real Wages
Real wages refer to the purchasing power of wages, taking into account inflation, showing the quantity of goods and services that can be bought.
Legal Minimum Wage
The lowest hourly, daily, or monthly remuneration that employers are legally allowed to pay workers.
Equilibrium Wage Rate
The wage rate at which the quantity of labor supplied is equal to the quantity of labor demanded in the market.
Minimum Wage Rate
The lowest legally allowed hourly payment for workers, established to ensure a minimum standard of living for employees.
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