The Relative-Wage Explanation for the Existence of Downwardly Sticky Wages

The relative-wage explanation for the existence of downwardly sticky wages emphasizes

A) unspoken agreements between workers and firms that firms will not cut wages.
B) the incentive that firms may have to hold wages above the market clearing rate.
C) employment contracts that stipulate workers' wages, usually for a period of one to three years.
D) the contention that workers in one industry may be unwilling to accept a wage cut, unless they know that workers in other firms and industries are receiving similar cuts.