SUPPLY AND DEMAND PROBLEM: For each of the situations listed below draw a small supply & demand graph depicting what is shifting in the labor market. Indicate on your graph what will happen to the market equilibrium wage and the quantity of labor employed.

a. Service industries, such as retailing and banking, experience an increase in demand. How will this impact the market for workers in the service sector?

b. Due to overfishing, there is a fall in the amount of fish caught per day by commercial fishers. How will this impact the market for workers in the fishing industry?

c. People in the United States are waiting longer to start families or choosing not to have children. How will this impact the market for school teachers?