Provide Two Examples of Events That Can Cause a Shift

question 29

Essay

Provide two examples of events that can cause a shift in industry supply. Draw a graph to illustrate your answer.

Understand the mechanisms through which competitive markets can reduce or perpetuate discrimination.

Understand the relationship between value of marginal product of labor, wage, and firm's hiring decision.

Calculate and interpret the value of the marginal product of labor.

Understand the derivation of a firm’s demand for labor from its decision to supply goods.

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Definitions:

Age

A measure of the amount of time an individual or entity has existed, typically expressed in years.

Fluid Intelligence

The capability to solve new problems, use logic in new situations, and identify patterns without relying on pre-existing knowledge.

Crystallized Intelligence

Crystallized intelligence refers to the ability to use skills, knowledge, and experience, which tends to increase over a person's lifetime.

Fluid Intelligence

The capacity to reason quickly and think abstractly, enabling problem solving and the ability to adapt to novel situations.