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justinw2200 justinw2200
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4 years ago

Suppose the price of capital and labor remain constant but that the average educational level of workers has increased and therefore, productivity of labor increases. This would lead a firm



▸

to keep its output and production technology unchanged, but to use fewer units of labor.



▸

to use only labor to produce the product.



▸

to adopt a more capital-intensive production technology.



▸

to adopt a more labor-intensive technology.

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InMicro

InMicro


Edition: 1st
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eltoroeltoro
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