Refer to the following figure when answering the following questions.
Figure 7.4: Labor Market 
-Consider the labor market depicted in Figure 7.4. The wage, fixed at 
, is called ________ and ________.
Definitions:
Succession Analysis
The process of identifying and developing new leaders who can replace old leaders when they leave, retire or die, ensuring continuity in leadership and operations.
HR Supply Analysis
An assessment process to determine if an organization has the necessary human resources to meet its strategic objectives.
External Candidates
Job seekers who are not currently employed within the hiring organization and are seeking employment from outside.
External Recruitment
The process of attracting and selecting candidates for employment from outside the organization.
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