Use the figure below to answer the following questions.
Figure 12.2.2
-Refer to Figure 12.2.2.If SAS shifts from SAS0 to SAS1, then
Definitions:
Labor Demand
The total amount of workers that employers are willing and able to hire at a given wage level in a certain time period.
Labor Supply
The total hours that workers wish to work at a given wage rate, representing the availability of labor for production.
Equilibrium Wage
The salary level where the amount of work sought by employers matches the amount of work offered by employees.
Wage Discrimination
The practice of paying different wages to employees who do similar work based on the employees' gender, race, age, or other non-merit-based factors.
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