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For each of the following events described, indicate the effects to the demand and to the supply. Use the demand and supply graphs provided below to match these events. Then determine what happens to the market equilibrium price and equilibrium quantity. Scenario: In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in Demand * Increase Decrease Did not Change Indeterminate

For each of the following events described, indicate the effects to the demand and to the supply. Use the demand and supply graphs provided below to match these events. Then determine what happens to the market equilibrium price and equilibrium quantity. Scenario: In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in Demand * Increase Decrease Did not Change Indeterminate

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 25P
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For each of the following events described, indicate the effects to the demand and to the supply. Use the demand and supply graphs provided below to match these events. Then determine what happens to the market equilibrium price and equilibrium quantity. Scenario: In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in Demand * Increase Decrease Did not Change O Indeterminate Change in Supply * Increase Decrease Did not Change O Indeterminate Graph * So So Do Do A B O A В P So So Do Do D. So So Do Do F E So So D Do Do G O G O H So So Do Do D1 Q So Do D1 Q K O K Change in market equilibrium price. * Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity. * Increase Decrease Did not Change Indeterminate O O O O
Transcribed Image Text:For each of the following events described, indicate the effects to the demand and to the supply. Use the demand and supply graphs provided below to match these events. Then determine what happens to the market equilibrium price and equilibrium quantity. Scenario: In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in Demand * Increase Decrease Did not Change O Indeterminate Change in Supply * Increase Decrease Did not Change O Indeterminate Graph * So So Do Do A B O A В P So So Do Do D. So So Do Do F E So So D Do Do G O G O H So So Do Do D1 Q So Do D1 Q K O K Change in market equilibrium price. * Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity. * Increase Decrease Did not Change Indeterminate O O O O
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