Read the article: The Path of Wage Growth and Unemployment. Economists Mary Daly, Bart Hobijn, and Timothy Ni of the Federal Reserve Bank of San Francisco argue that employers hesitate to reduce wages and workers are reluctant to accept wage cuts, even during recessions. If a firm faces declining sales during a recession, explain why might the firms managers decide to lay off some workers and freeze the wages of other workers rather than to cut workers nominal wages.
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