Maman 2020 en cours shirt

With unemployment getting low, workers can demand wage increases. This increases costs and cuts into the Maman 2020 en cours shirt employer’s excess profits, also known as economic rents. To the extent that the employer has monopoly power, they will raise prices in response to the wage increases, in order to preserve those excess profits. Then, if unemployment remains low, workers, when they see the buying power of their higher wages decrease, will be in a position to demand even higher wages, Then, employers will again compensate by raising prices, etc., causing prices to spiral upwards. When a worker’s wages increase, nominal demand increases because workers make more money, and have more to spend. But also increasing will be the nominal cost of production, due to those same wage increases. So in reality, when unemployment is low enough we DO NOT have a situation where demand and cost are constant.

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