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3. Use the neoclassical theory of distribution to predict the impact on the real wage and the real rental price of capital of each of

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3. Use the neoclassical theory of distribution to predict the impact on the real wage and the real rental price of capital of each of the following events. a. A wave of immigration increases the labor force. b. An earthquake destroys some of the capital stock. c. A technological advance improves the production function. d. High ination doubles the prices for all factors and outputs in the economy

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