An improvement in technology that allows workers to process twice as many insurance forms in an hour than before will cause Group of answer choices more labor to be employed because its marginal revenue product has fallen. an increase in insurance premiums. fewer workers to be employed because their marginal revenue product has decreased. more workers to be employed because their marginal revenue product has increased. fewer workers to be employed because their marginal revenue product has increased.

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23-06-2021
Business

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An improvement in technology that allows workers to process twice as many insurance forms in an hour than before will cause Group of answer choices more labor to be employed because its marginal revenue product has fallen. an increase in insurance premiums. fewer workers to be employed because their marginal revenue product has decreased. more workers to be employed because their marginal revenue product has increased. fewer workers to be employed because their marginal revenue product has increased.

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Answer: fewer workers to be employed because their marginal revenue product has increased.

Explanation:

Insurance companies hire more people in order to make more profit as they would process more insurance forms. If technology was made such that employees were able to process twice as many forms in the same time, a lot of workers would be terminated.

This is because companies are always looking for ways to save costs and if it turns out that they can get rid of some people and still be able to keep production at the same level, they would do so. The insurance companies would therefore fire some workers because they would still be able to keep on processing the same amount of insurance forms.