In the distant future,companies will be using technology that can replicate food.What will happen to the equilibrium wage and quantity of cooks?
A) The wage will rise and the number of cooks employed will rise.
B) Both will remain unchanged.
C) The wage will stay the same, but many cooks will leave the market.
D) The wage will rise, and the number of cooks employed will fall.
E) The wage and quantity demand will both decrease because firms will not hire as many cooks.

Question

Quizplus · Accepted Answer

The introduction of technology that can replicate food will likely reduce the demand for cooks, leading to a decrease in both the equilibrium wage and the quantity of cooks employed.

In the Distant Future,companies Will Be Using Technology That Can