Long-run classical model from Chapter 3. You must provide properly labeled graphs to get full credit 3) A) Suppose there is a permanent increase in the labor force (L). a) What will be the impact on the real wage (W/P) and the real rental price of capital (R/P)

Below the classical model, economic growth is necessarily achieved because of stability in the wage level. For instance, one case of unemployment predominates at a real wage (W / P)1.

Currently, the excessive labor supply would lower the actual wage level before labor supply equals its demand. Eventually, real wage rates would decline to (W / P)F, whereby aggregate labor demand is perfectly matches by aggregate labor supply.

Only the supply side of the production market for products defines the quantity of output & jobs in the classical model.

As the classical method is supply-determined, it states that equiproportional increases (or declines) will not alter the supply of labor in both the rate of money wage and the price level.

answer:

step-by-step explanation:

here, the total dishes = 10

dishes having meat = 3 ( chicken, meatloaf and hamburger )

thus, the probability of having meat on the chosen dishes = number of dishes having meat / total dishes

=

therefore, the probability of not having meat = 1- the probability of having meat on the chosen dishes

=

=

=

⇒ option b is correct.