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If the labour demand curve shifts to the left and the labour supply curve remains unchanged, what will happen to the equilibrium wage and the equilibrium level of employment? Illustrate your answer with a graph.
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Toll Road
A public or private roadway for which a fee is assessed for passage, commonly used to fund road maintenance or construction projects.
Fine
A monetary penalty imposed by a government or legal authority as punishment for breaking a law or regulation.
Risk-Averse
A preference for guaranteed outcomes over gambles, even if the gamble might have a higher expected return due to the dislike of uncertainty.
Risk-Neutral
An attitude towards risk wherein the decision-maker is indifferent between different alternatives with the same expected return, disregarding the level of risk associated with each.
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