Multiple Choice
What will the invention of machinery that can double the amount of gold extracted from raw ore likely lead mining companies to do?
A) Raise the world price of gold because miners' wages must double as their productivity doubles.
B) Raise the world price of gold to pay for the new machinery.
C) Lower the world price of gold because any given amount can now be produced more cheaply.
D) Lower the world price of gold only if new mining companies are not allowed to enter the industry.
Correct Answer:
Verified
Correct Answer:
Verified
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