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Workers in the steel industry are laid off during a recession because they are unwilling to accept a

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Workers in the steel industry are laid off during a recession because they are unwilling to accept a

Workers in the steel industry are laid off during a recession because they are unwilling to accept a wage cut, unless they know that workers in other industries are receiving similar cuts. This example is consistent with the:
A) efficiency wage explanation of unemployment.
B) social contract explanation of unemployment.
C) relative-wage explanation of unemployment.
D) explicit contract explanation of unemployment.

Textbook

Principles of Macroeconomics

Edition: 11^th

Authors: Case, Fair, Oster

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