Consider the following labor supply and demand curves. For each of the following situations, show and explain what would happen to the labor market. a) The firms who are employing these workers experience a big decrease in the demand for their product. Wage WE D * Quantity b) Intel develops a new computer chip that is capable of doing the same work as two employees. Assume that workers and computers are substitutes in Intel's production function. Wage S. WE D Quantityc) A newly elected US president issues an executive order allowing for freer immigration into the US. Wage S D Quantity d) The NJ State legislature passes a law, and the governor signs it, to increase the minimum wage in the state. Wage WE D Quantity e) Congress passes a law with a mandatory retirement age of 60 years old. Wage D Quantity