For many years, a single large company was the only seller of a specific good in a remote region. Recently, several new companies started selling the same good in that region. Assuming the nominal wages of workers in the original company remain unchanged, what is the most likely direct consequence for those workers' real wages, and why?
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For many years, a single large company was the only seller of a specific good in a remote region. Recently, several new companies started selling the same good in that region. Assuming the nominal wages of workers in the original company remain unchanged, what is the most likely direct consequence for those workers' real wages, and why?
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