Consider two competitive labour markets: taxi drivers and custodial workers. With more people eating out, suppose there is an increase in the demand for taxi drivers. What do you expect to happen to the wages of both occupations in a) the short run and b) the long run. Explain with an illustration.

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I will generate two infographics to illustrate the changes in the labour markets for taxi drivers and custodial workers in the short run and the long ... View the full answer