Question: Please explain what the price-setting curve represents Q2 THE LABOUR MARKET MODEL The diagram below shows the labour market equilibrium Point X. 5 Labour supply

Please explain what the price-setting curve represents

Q2 THE LABOUR MARKET MODEL The diagram below shows the labour market equilibrium Point X. 5 Labour supply -------------------------------------------------------------------- Average product of labour. A I l : Price-setting curve Real wage m x Wage-setting curve 1 .' No work done: wage is too low for adequate effort e > Employed Unemployed Employment. N

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