Assume that a Cobb-Douglas production function is a good representation of the economy, the substitution effect is stronger than the income effect, and that the economy was initially at equilibrium. Suppose that Congress passes a law that guarantees all adults an annual income of $80,000 whether they work or not. If the real wage is flexible, what will happen to equilibrium output? Not enough information is given to determine the answer The equilibrium output level will decrease The equilibrium output level will increase The equilibrium output level will remain constant