The accompanying graph depicts Mighty Max's labor demand for his duffle-bag business. The labor demand curve shown is calculated based on a duffel-bag price of $10. If the price increases to $20 per bag, what happens to the labor demand curve? 
Definitions:
Precautionary Principle
A strategy to cope with possible risks where scientific understanding is yet incomplete, prioritizing the prevention of harm when making decisions.
Regulatory Scheme
A system of regulations established by governments or regulatory bodies to control or govern specific activities, industries, or behaviors.
ISO 14001
An international standard that outlines the requirements for an effective environmental management system (EMS).
American National Standards Institute
An organization that oversees the creation, promulgation, and use of thousands of norms and guidelines that directly impact businesses in nearly every sector.
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