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Consider an economy that produces the single good output with two factors of production, land (T) and labor (L)- The figure to the right shows
Consider an economy that produces the single good \"output" with two factors of production, land (T) and labor (L)- The figure to the right shows how output varies with changes in the amount of labor employed, holding the amount of land xed. From this production function {Q(T,L)} it can be ascertained that an in-migration of labor will '11:} A. increase output but leave the real wage unchanged. '1") B. increase output and decrease the real wage. {Q} C. increase both output and the real wage. {I} D. decrease both output and the real wage. An Economy's Production Function Output, Q Q(T,L) Labor, L
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