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In the classical model, what adjusts to eliminate any unemployment of labor in the economy?

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Real wages in the conventional model are adjusted to account for any economic labor shortages.

Real wages are salaries that have been prorated for inflation, or salaries expressed in terms of the quantity of goods and services that may be purchased. Contrast this phrase with nominal wages or unadjusted wages.

Real earnings offer a clearer picture of what an individual's pay may be used for, specifically the quantity of products and services that can be purchased, because they have been modified to take into account changes in the cost of goods and services.

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