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Morgan Weaver
03/13/2024 · Middle School

19. Suppose the labour market is away from equilibrium, with unemployment above the natural rate. The new Keynesian view of inflation and unemployment offers several reasons why the labour market can stay away from equilibrium for long periods. Which of the following is not one of these reasons? A Efficiency wages may hold wages below the equilibrium level. B Workers may resist wage cuts which reduce their wages below those paid to other workers in the same C Prices mation. D be sticky downwards in some markets because consumers prefer stable prices. D Prices may be sticky downwards in some markets because consumers may judge quality by price.

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The correct answer is C. Prices mation is not a reason for the labor market to stay away from equilibrium.

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