Economists usually argue that increased productivity caused by more machines and better technology moves the:
supply curve for labor to the left.
supply curve for labor to the right.
demand curve for labor to the left.
demand curve for labor to the right.
Suppose that last year the wage was $12.50 per hour and this year it is $12.60. What else do we need to know to determine whether the real wage has risen or fallen?
What happened to price level
What happened to productivity
What happened to the amount of capital
What happened to the size of the labor force