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Suppose the real wage remains unchanged between year 1 and year 2 but the nominal wage increases from $20 to $24.Based on this information, we can conclude that the price level has:

A) increased by 20 percent

B) increased by 25 percent

C) remained unchanged

D) decreased by 10 percent

E) decreased by 20 percent

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92197006

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