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QUESTION 3 Refer to the above graph. Given the total product curve shown and assuming a competitive labor market, if a firm can sell widgets for $12, then what is the maximum amount it will pay the fourth worker each day? $61 $24 $732 $48 A decrease in the supply curve of nurses could be accounted for by all of the following except a(n): Increase in the rewards available in other comparable occupations Increase in the training requirements for nurses Cut in the.wages of nurses Reduction in the number of nursing schools An industrial union: Restricts supply of labor through licensing requirements Is most concerned with increasing the demand for workers in an industry Organizes a wide range of workers in an industry to gain bargaining power Is most effective in a purely competitive industry