Use the figure below to answer the following questions. 
Figure 3.5.2
Original equilibrium at 1.
-Refer to Figure 3.5.2,which represents the market for beans.If the price of peas,a substitute for beans and a substitute in production,rises,what is the new beans equilibrium,ceteris paribus?
Definitions:
Human Capital Theory
An economic perspective that views individuals' skills, knowledge, and experience as productive assets that can improve their earnings and contribute to a country's economic growth.
Labor Markets
The supply and demand for labor, where employers seek to hire workers, and individuals look for employment.
Compensating Differential
The difference in wages that arises to compensate workers for the non-monetary aspects of different jobs, like risk levels, working conditions, or job location.
Malpractice Insurance
A type of professional liability insurance purchased by healthcare professionals to cover the cost of being sued for malpractice.
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