13 graphically illustrate an increase in the labor

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13.Graphically illustrate an increase in the labor supply curve and explain its impact on theequilibrium wage rate and quantities. On a separate graph, illustrate an increase in thelabor demand curve and explain its impact on the equilibrium wage rate and quantities.
14.Using a labor supply and demand curve demonstrate the effect of a decline in the demand for labor assuming wages are "sticky" in a downward direction.
15Explain efficiency wage theory.
16.Explain the relative-wage explanation of unemployment.
17.Explain what the Phillips curve represents.
cause an increase in the price level. So, an increase in output will be associated with lowerunemployment and inflation.18.How do changes in expectations cause the Phillips Curve to be unstable?
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Term
Spring
Professor
KETSLER

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