An implicit contract refers to:
a. an understanding that the employer will try to keep wages from falling when the economy is weak or the business is having trouble, and the employee will not expect huge salary increases when the economy or the business is strong.
b. an understanding that workers will produce more if they are paid more, and so the employers will often find it worthwhile to pay

their employees somewhat more than what market conditions might dictate.
c. an understanding that the employer will reduce wages when business conditions are poor.
d. a policy that states that those already working for firms are "insiders," while new employees, at least for a time, are "outsiders.".


a

Economics

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