Efficiency Wages Create a

question 7

Multiple Choice

Efficiency wages create a

• A)shortage of labor and so reduce unemployment.
• B)shortage of labor and so raise unemployment.
• C)surplus of labor and so reduce unemployment.
• D)surplus of labor and so raise unemployment.

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Definitions:

Anticipatory Repudiation

Occurs when one party indicates by words or actions that they will not fulfill their contractual obligations in the future.

Divisible Contract

A contract that includes multiple agreements or parts, which can be separated so that the failure to perform one part does not necessarily breach the entire contract.

Implied-In-Fact Condition

A legal concept where the obligations or conditions of a contract are not explicitly stated but can be inferred from the nature of the agreement and the actions of the parties involved.

Express Condition

A provision in a contract that must be met as a prerequisite for performance or fulfillment of the contract terms.