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?
A) The wage rate will increase, and the quantity of labor will decrease.
B) The wage rate will decrease, and the quantity of labor will increase.
C) Both the wage rate and quantity of labor will increase.
D) Both the wage rate and quantity of labor will decrease.
Correct Answer:
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