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We assume further that the union recognizes the possibility that price-level increases may offset wage-rate increases, and it does not entirely disregard the effect of price increases arising from its own wage increases upon the `` real '' wage rate.

For internal political reasons, the union asks for ( and accepts ) increases in the basic wage rate, and would vigorously oppose a reduction in this rate, but the adjustment of the basic wage rate upwards is essentially up to the discretion of the companies of the industry.