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Suppose that a union successfully negotiated a 10 percent wage increase and the quantity of labor demanded decreased by 10 percent. Given a fixed labor demand curve, we can conclude that
Free Markets
Economic systems in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
Free People
Individuals who are not subject to the control or slavery by another; in historical contexts, it often refers to those not enslaved or serfs.
Secretary of State
A high-ranking government official responsible for foreign affairs, typically in the United States or similar systems of government.
Marshall Plan
An American initiative passed in 1948 to aid Western Europe, in which over $12 billion was given to help rebuild Western European economies after the end of World War II.
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