**Figure 18-2 Explanation**The graph in Figure 18-2 illustrates the supply and demand curves for labor, with the vertical axis representing "Wage" and the horizontal axis representing "Quantity." The curves depicted in the graph are labeled as follows:- **S1 and S2**: These two lines represent different supply curves. A shift from S1 to S2 indicates a change in supply, which could be due to factors such as an increase in the number of workers available or changes in labor market conditions.- **D1 and D2**: These represent different demand curves. A shift from D1 to D2 signifies a change in demand, which could occur because of variations in the demand for goods and services that require labor, changes in technology, or other economic factors.The intersection points of these curves indicate equilibrium points where the quantity of labor supplied equals the quantity demanded, thus determining the equilibrium wage and quantity of labor in the market. **Question 21: Analysis of Market Changes for Bakers**The graph mentioned explains the market dynamics for bakers specializing in homemade breads and breakfast pastries. The inquiry centers around how the attractiveness of the bakery profession, possibly influenced by a new reality TV show, impacts market conditions.**Question:**What effect does an increased attractiveness of the bakery profession have on the market for bakers?**Answer Options:**a. Demand increases from D1 to D2.b. Demand decreases from D2 to D1.c. Supply increases from S1 to S2.d. Supply decreases from S2 to S1.**Graph Explanation:**The graph features two demand curves, D1 and D2, and two supply curves, S1 and S2. Each curve signifies different levels of demand and supply within the market. The options suggest potential shifts in these curves due to changes in the profession's appeal.

The demand and supply curves are used to determine the equilibrium conditions in the market. The…

21. Refer to Figure 18-2. The graph above illustrates the market for bakers who make homemade breads and breakfast pastries. If the bakery profession becomes more attractive to young women and men because of a new reality television show, what happens in the market for bakers? a. Demand increases from D1 to D2. b. Demand decreases from D2 to D1. c. Supply increases from S1 to $2. d. Supply decreases from S2 to S1.

21. Refer to Figure 18-2. The graph above illustrates the market for bakers who make homemade breads and breakfast pastries. If the bakery profession becomes more attractive to young women and men because of a new reality television show, what happens in the market for bakers? a. Demand increases from D1 to D2. b. Demand decreases from D2 to D1. c. Supply increases from S1 to $2. d. Supply decreases from S2 to S1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

**Figure 18-2 Explanation**

The graph in Figure 18-2 illustrates the supply and demand curves for labor, with the vertical axis representing "Wage" and the horizontal axis representing "Quantity." The curves depicted in the graph are labeled as follows:

- **S1 and S2**: These two lines represent different supply curves. A shift from S1 to S2 indicates a change in supply, which could be due to factors such as an increase in the number of workers available or changes in labor market conditions.

- **D1 and D2**: These represent different demand curves. A shift from D1 to D2 signifies a change in demand, which could occur because of variations in the demand for goods and services that require labor, changes in technology, or other economic factors.

The intersection points of these curves indicate equilibrium points where the quantity of labor supplied equals the quantity demanded, thus determining the equilibrium wage and quantity of labor in the market.

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