Flexible Wages Definition
Wages are said to be flexible when they respond to changes in supply and demand and lead to the market clearing wage being set.
LONG-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product, financial, and resource markets are in equilibrium simultaneously. This condition is made possible by flexible wages and prices and is represented by the ...
 See also: Equilibrium, Feedback, Long-run, Supply curve, Keynesian
  
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