Indicate which of the following explain wage stickiness. Instructions: You may select more than one answer....

Indicate which of the following explain wage stickiness. Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. Minimum wage laws unanswered Union contracts unanswered Efficiency wages unanswered Wages paid to oil and gas workers unanswered Fast-food workers unanswered Trailing indicators unanswered

Solutions

Expert Solution

Answer - The following factors lead to the sticky wages -

Minimum wage laws

Union contracts

Efficiency wages

Wage stickiness occurs when the nominal wsges are not able to adjust as per the economic changes. They become rigid. This happens when wages are fixed using minimum wage laws , using the contracts of labor unions or the efficiency theories. Hence these options will be correct.

The other options are not responsible for the wage stickiness and hence will be wrong.

Rahul Sunny answered 1 year ago

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