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Answer to Question #223025 in Microeconomics for Raksha

Question #223025
The market for chocolate, a normal good, and the market for labor for producing chocolate are perfectly competitive. How would employment and wages be affected if the income of consumers increased?


Wages decrease, employment decreases
Wages increase, employment decreases
Wages decrease, employment increases
Wages increase, employment increases
Neither wages nor employment are affected.
1
Expert's answer
2021-08-05T18:09:27-0400

Wages increase, employment increases


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