Each year the demand for lawyers remains constant.However, the number of law graduates continually increases each year. Assume these graduates wish to work in the legal profession. The supply and demand curves mentioned below refer to the market for legal services.

Answer the following questions:

a. The increased number of law graduates will affect which curve and in what way? . Type DR for Demand shifts Right, DL Demand shifts Left, SR Supply shifts Right, SL Supply shifts Left or U for Unknown.

b. If the government introduces a series of banking laws that require all Australians to have legal representation when applying for a bank loan, which curve will be affected and in what way? . Type DR for Demand shifts Right, DL Demand shifts Left, SR Supply shifts Right, SL Supply shifts Left or U for Unknown.

c. Combining your answers from both parts a and b, what would be expected to be the impact on price for legal services? . Type I for Increase, D for Decrease, S for remains the Same or U for Unknown.