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NYC NYC
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8 years ago
Suppose that airline pilots are laid off during a recession because their wages have been locked into place by a three-year contract. This example is consistent with the:
A) efficiency wage explanation of unemployment.
B) explicit contract explanation of unemployment.
C) relative-wage explanation of unemployment.
D) social contract explanation of unemployment.
Textbook 
Principles of Macroeconomics

Principles of Macroeconomics


Edition: 11th
Authors:
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JesslynJesslyn
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NYC Author
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#2
8 years ago
I was thinking the same, thank you
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