Multiple Choice
Suppose that the real wage remained the same from year 1 to 2, but the nominal wage increased from $20 to $24.How was the price level affected?
A) It rose by 25 percent.
B) It rose by 20 percent.
C) It fell by 20 percent.
D) It fell by 10 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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