The first 3 columns of the following table show data for a representative firm in an industry.The last 3 columns show the market demand and supply for the type of labour employed by this firm.
-What happens if the supply of labour increases more than does the demand for labour?
Definitions:
Wage Increase
An upward adjustment in the amount of compensation employees receive for their work, often aimed at keeping up with inflation or recognizing increased productivity.
Demand Increase
A rise in the quantity of a product or service that consumers are willing and able to purchase at various prices.
Italian Soccer Player
An individual of Italian nationality or descent who plays the sport of soccer professionally.
Soccer
A sport involving two teams of eleven players each, where the objective is to score by getting a ball into the opposing team's goal.
Q2: Refer to the above information to answer
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Q132: Distinguish between surplus and supply.
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Q179: Calculate consumer surplus based on the graph