Labor market in Wakanda is standardized so that private firms hire only in two positions: Associates and Assistants. Right now Associates earn $80,000 per year and Assistants earn $50,000 per year, Every fum decides how many Associates and how many Assistants to hire or fire. Suppose right now the labor market is in equilibrium. The newly elected government of Wakanda has decided to eliminate the old labor market system All existing workers need to be reclassified. Right now the firms will be allowed to hire and fire workers in a single category - Apprentices, with minimum wage of $60,000. Every Apprentice hired by the firm will have to be offered the same wage as to any other firm employee. What is likely will happen with the level of economic activity in Wakanda after enacting new labor market requaltion? Why? For the toolbar, press ALT+F10 (PC) or ALT+FN. F10 (Mac). BIUS Paragraph Arial 10pt IE v A E x' X, V HE. E: (> IT O