Mathematics, 30.11.2020 03:50 gunnatvinson
If the cost of a competing factor of production, such as a machine that also could do the job, rises. This would result in a shift in the demand for this factor out to the right and would put pressure on the wage to rise. I don't understand why this is the case because I thought if machines replaced human labor then wouldn't wages be lower because there wouldn't be a need for human labor?
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If the cost of a competing factor of production, such as a machine that also could do the job, rises...
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