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 won't hire as many cooks.

Question

Quizplus · Accepted Answer

The introduction of technology that can replicate food reduces the demand for cooks, as firms can achieve the same output with less human labor. This leads to a decrease in the equilibrium wage for cooks because their labor becomes less valuable. Additionally, the quantity of cooks employed will decrease because firms won't need as many cooks to produce food, leading to a surplus of cooks in the market.

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