Discuss the following statement: Higher labor productivity allows firms to produce more goods with the same number
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Discuss the following statement: "Higher labor productivity allows firms to produce more goods with the same number of workers and thus to sell the goods at the same or even lower prices. That's why increases in labor productivity can permanently reduce the rate of unemployment without causing inflation."
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Answer The statement highlights a fundamental relationship between labor productivity unemployment and inflation Lets break down the key components of ...View the full answer
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