-Using the above graph, if the labor market is initially in equilibrium at a wage rate of $8 and suddenly people start to value leisure more highly what will happen in the labor market?
Definitions:
Temporary Assistance
Short-term aid provided to individuals or entities in financial or material need.
Needy Families
Refers to households that require financial assistance or social support to meet their basic needs.
Statistical Discrimination
The practice of judging an individual on the basis of the average characteristics of the group to which he or she belongs rather than on his or her own personal characteristics.
Occupational Discrimination
Unfair treatment of workers based on race, gender, age, religion, or other personal characteristics unrelated to job performance.
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