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The following figure shows wage versus labor demand.Refer to the figure above. If a new technology ...

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The following figure shows wage versus labor demand.Refer to the figure above. If a new technology ...

The following figure shows wage versus labor demand.

Refer to the figure above. If a new technology is developed that increases the marginal productivity of all workers, what will happen to the wage rate and quantity of labor?

▸ The wage rate will increase, and the quantity of labor will decrease.

▸ The wage rate will decrease, and the quantity of labor will increase.

▸ Both the wage rate and quantity of labor will increase.

▸ Both the wage rate and quantity of labor will decrease.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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