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6. In the specific factors model, if the price of manufactures increases by 10%, while the price of food remains the same, the level of
6. In the specific factors model, if the price of manufactures increases by 10%, while the price of food remains the same, the level of employment in manufactures will increase and the wage rate will increase by: a. less than the increase in the price of manufactures due to the law of diminishing marginal returns b. less than the increase in the price of manufactures due to the decline in the marginal product of labor in manufactures c. more than the increase in the price of manufactures due to the diseconomies of scale d. both a. and b
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Applied Regression Analysis And Other Multivariable Methods
Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg
5th Edition
1285051084, 978-1285963754, 128596375X, 978-1285051086
