Essay
Assume that the real wage in an economy is held above equilibrium. a. Graphically illustrate how an increase in technology that raises the demand for labor will change the number of unemployed workers. Be sure to label the axes and the quantities of labor hired before and after the technological progress.
b. Explain in words what happens to the number of unemployed as a result of this change.
Correct Answer:
Verified
Correct Answer:
Verified
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