In a recent Economic Bulletin, the Federal Reserve Bank of Kansas Cityreported that many older workers have not resumed participation in labor markets since the pandemic. Draw and explain the effect this would have on competitive labor markets, explaining whether this would shift demand or supply and why as well as the expected effect of this change on equilibrium wages and quantity of labor.

PLEASE ANSWER AND GRAPH

Link: https://www.kansascityfed.org/Economic%20Bulletin/documents/8788/EconomicBulletin22Tuzemen0506.pdf