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According to Keynes, the "stickiness" of wage rates could best be explained by
Aversion To Ambiguity
A preference to avoid options for which the probability of outcomes is unknown, indicating a dislike for uncertain situations.
Gambler's Fallacy
The mistaken belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa.
False Consensus
The cognitive bias that leads people to overestimate the extent to which their beliefs, values, opinions, or habits are normal and typical of those of others.
Implementation Costs
Expenses associated with putting a newly adopted system, plan, or policy into effect.
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