Multiple Choice
Suppose that the labor market for life guards is initially in equilibrium. Then the marginal productivity of life guards increases. What happens to the equilibrium wage and quantity of life guards?
A) Both the equilibrium wage and quantity increase.
B) Both the equilibrium wage and quantity decrease.
C) The equilibrium wage increases, and the equilibrium quantity decreases.
D) The equilibrium wage decreases, and the equilibrium quantity increases.
Correct Answer:
Verified
Correct Answer:
Verified
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