The following table shows the demand and supply of labor in the steel manufacturing industry.
a)What is the equilibrium wage rate and employment level in the industry? Illustrate graphically.
b)If the labor demand shifts to the right,without any change in the labor supply curve,what is likely to happen to the equilibrium wage and the employment level? Explain your answer with the help of a suitable diagram.
c)If the labor supply curve shifts to the left,without any change in the labor demand curve,what is likely to happen to the equilibrium wage and employment level? Explain your answer with the help of a suitable diagram.
Definitions:
Implicit Memory
A type of long-term memory that enables people to perform tasks without conscious awareness of these previous experiences.
Explicit Memory
A type of long-term memory involving the conscious recollection of facts and experiences, such as remembering a specific event or information.
Eidetic Memory
The rare ability to vividly recall images, sounds, or objects in memory with great precision and detail, often referred to as photographic memory.
Procedural Memory
A type of long-term memory responsible for knowing how to do things, such as riding a bicycle or typing, also referred to as muscle memory.
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