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Solve problem using the standard labor market diagram

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Question: From 1993 through 1995, compensation per hour in the US rose an average of 2.2% per year, down from 5.2% the previous three years. Much of this represented the disappearance of the efficiency wage. Partly as a result of this, the unemployment rate fell from 7.5% to 5.6% over that period, and then continued to decline to 4%. Using the standard labor market diagram, explain how these events were related.

Reference no: EM131737437

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