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Of the great European powers in the eighteenth century, the only one NOT to possess a standing army and to rely on mercenaries was
Minimum Wage
The lowest legal wage that can be paid to workers, determined by government regulation.
Market Equilibrium Wage
The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in a given labor market.
Widget Industry
A fictional or generic term often used to represent any sector of manufacturing, without specifying a particular type of product.
Nonunionized Labor Market
A labor market that is composed of workers and employers where no labor unions are present to represent the workers' interests.
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