Why do implicit contracts generate unemployment

Reference no: EM132197782

Question: Why do implicit contracts generate unemployment? Why do efficiency wages generate involuntary unemployment? What factors prevent the market from clearing in efficiency wage models? Why is the Phillips curve vertical in the long run? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132197782

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