Explain How Social or Implicit Contracts Might Result in Sticky

question 14

Essay

Explain how social or implicit contracts might result in sticky wages.

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Definitions:

Slang Word

Nonstandard vocabulary known within a specific social group or subculture, often characterized by informal or unconventional usage.

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, usually visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Declining

The process of diminishing in importance, quality, quantity, or strength.

Clichés

Phrases or expressions that have been overused to the point of losing their original meaning or effect, often considered unoriginal or trite.