Suppose you are interested in the effect of education on wages. You estimate the following model wage, Bo + B₁ Educ, + u = You are concerned that your model suffers from omitted variable bias. Particularly, you are worried about ability biasing your estimates. Does your estimated ₁ likely suffer from a positive or negative bias? A. Positive bias because ability is positively correlated with wage, and ability is positively correlated with education. B. Negative bias because ability is positively correlated with wage, and negatively correlated with education. Neither positive nor negative. There is no omitted variable bias due to ability because we cannot measure ability, therefore it cannot bias our estimates.