4a. In the space to the right, draw a graph that shows a high demand for labor in industry X and a high supply of labor in that industry. 4b. Draw a line to the y axis, showing the wage rate. 4c. What will the wage rate be like in this particular industry? 4d. What real-life industry do you think best matches this scenario? 5. In what scenario were wages the highest? 6. What factors might cause the supply of workers in a given industry to be low? 7. In what scenario were wages the lowest? 8. Do you think wages are always connected to the importance of a job? Explain.

4a. In the space to the right, draw a graph that shows a high demand for labor in industry X and a high supply of labor in that industry. 4b. Draw a line to the y axis, showing the wage rate. 4c. What will the wage rate be like in this particular industry? 4d. What real-life industry do you think best matches this scenario? 5. In what scenario were wages the highest? 6. What factors might cause the supply of workers in a given industry to be low? 7. In what scenario were wages the lowest? 8. Do you think wages are always connected to the importance of a job? Explain.

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 6CQQ

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