When wages are fixed by contract, inflation reduces a. nominal wages; this likely makes labor markets more flexible. nominal wages; this likely…

1.    When wages are fixed by contract, inflation reduces

a.    nominal wages; this likely makes labor markets more flexible.

b.    nominal wages; this likely makes labor markets less flexible.

c.    real wages; this likely makes labor markets more flexible.

d.    real wages; this likely makes labor markets less flexible.