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Q1 - Suppose the wage rate in a certain industry rises, yet firms hire more workers....

Q1 - Suppose the wage rate in a certain industry rises, yet firms hire more workers. The best explanation of this is that labor

1. Demand fell.

2. Demand increased.

3. Supply fell.

4. Supply increased.

Q2 - In less-developed countries the ________ effect leads to ________.

1. Input-substitution; labor intensive production.

2. Input-substitution; mechanized production.

3. Output effect; labor intensive production.

4. Input effect; mechanized production.

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