Unformatted text preview: few then the supply curve will be more flexible as represented by S 1S1. With such a supply curve under the given demand conditions, a new point of equilibrium e1 is established. At this point more workers N1 offer services at a lower wage rate W1 . Thus demand and supply conditions together determine level of employment and rate of wages in a competitive market ....
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This note was uploaded on 11/26/2011 for the course ECONOMIC ec 201 taught by Professor - during the Fall '10 term at Montgomery.
- Fall '10
- Market Equilibrium