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Relevant economic concepts and terminology

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Suppose a firm is currently maximizing its profits by producing 100 units of output. Also assume that this firm only uses Capital and Labour in its production process. If the price of labour were to increase and if the firm wanted to continue to produce 100 units of output, what would you expect this firm to do in the long run? Explain using the relevant economic concepts and terminology.

Reference no: EM132488546

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