Business, 18.11.2019 20:31 LilErvin

Consider an economy with only two groups of people: wage earners and goods sellers. if the price level increases by 20% while the nominal wages remains the same,
a. income will be redistributed from goods sellers to wage earners.
b. real wages will not be affected as nominal wages remained the same.
c. income will be redistributed from wage earners to goods sellers.
d. no income redistribution will occur as nominal wages are same as before.

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Consider an economy with only two groups of people: wage earners and goods sellers. if the price le...

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