1. Labor Markets (a) Sketch a graph of a competitive labor market for fast food workers, showing a hypothetical equilibrium wage and quantity of workers. (b) On that same graph (or a new one if it gets too hard to follow), show what would happen to labor demand and/or supply and the new equilibrium from each of the following changes: 
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3. i. Childcare gets much more expensive. 
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5. ii. Grocery stores begin paying their employees significantly more. 
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7. iii. Better training allows workers to become 15% more productive. 
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9. iv. Customers become more health-conscious and try to reduce their fast food intake.

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Since the supply has increased this has caused the supply cur... View the full answer