The graph below shows the market for labor (coal miners). New coal-mining equipment is invente that is cheap and requires fewer workers to run. Demonstrate the effect this equipment has on th demand for coal miners. Provide your answer below: Wage Supply New Equilibrium Original Equilibrium Demand Quantity of Coal Miners
The graph below shows the market for labor (coal miners). New coal-mining equipment is invente that is cheap and requires fewer workers to run. Demonstrate the effect this equipment has on th demand for coal miners. Provide your answer below: Wage Supply New Equilibrium Original Equilibrium Demand Quantity of Coal Miners
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Demand curve is downward sloping and it shows an inverse relationship between price and quantity. Supply curve is upward sloping and it shows a positive relationship between price and quantity. At equilibrium, demand is equal to supply.
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