Suppose a shop called Buy the Sea Shore sells seashells in a perfectly competitive shell market and
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Suppose a shop called Buy the Sea Shore sells seashells in a perfectly competitive shell market and hires labor from a perfectly competitive labor market. Draw the labor demand curve and the labor supply curve for Buy the Sea Shore, assuming these curves have their usual shapes. Then show how a decrease in the supply of labor in the market will affect your graph. Label the quantity of labor hired before and after the labor supply decreases as L1 and L2 respectively.
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