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Assume cosmetologists compete in a perfectly competitive labor market. If current licensing requirements for cosmetologists are eliminated, what will be the impact on equilibrium wages and quantity of workers in the market for cosmetologists?

A

Both wages and quantity will increase.

B

Both wages and quantity will decrease.

C

Wages will increase while quantity will decrease.

D

Wages will decrease while quantity will increase.

E

Wages and quantity will remain unchanged.

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