Question 7According to the production model, what happens if there isan increase in total factor productivity and simultaneously adecrease in population?capital per worker does not changeoutput per person decreasesO capital per worker decreasesoutput per person increasesD Question 8In the production model, an increase in the exogenoussupply of labor, from L to L'.L'> L) causes which of thefollowing in the labor market:O An shift to the left of the supply of labor curve and an upwardmovement along the demand for labor curve, so wagesincrease.A shift to the right in the demand for labor curve and an upwardmovement along the supply of labor curve, so wages increase.O Ashift to the right of the supply of labor curve and a downwardmovement along the demand for labor curve, so wages fallO Ashift to the left in the demand for labor curve for labor and adownward mavement along the supply of labor curve, so wagesfall,

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Question 7 According to the production model, what happens if there is an increase in total factor productivity and simultaneously a decrease in population? capital per worker does not change output per person decreases capital per worker decreases output per person increases

Question 7 According to the production model, what happens if there is an increase in total factor productivity and simultaneously a decrease in population? capital per worker does not change output per person decreases capital per worker decreases output per person increases

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 10RQ: Give the three reasons that explain why the division of labor increases an economys level of...

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