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When the wage it pays its workers falls

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Reference no: EM132401149

Consider a competitive firm using one factor, labor.

(a) When the wage it pays its workers falls, what happens to the level of output it supplies?

Answer with either the word "increases" or the word "decreases", without the quotation marks.

(b) When the price it receives for its output falls, what happens to the level of labor it hires?

Answer with either the word "increases" or the word "decreases", without the quotation marks.

Reference no: EM132401149

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