The coronavirus pandemic has raised questions about how policy makers should respond to future viral pandemics in order to promote an efficient use of society's resources in the face of

competing wants (e.g., promoting public health while also producing other goods and services that consumers want and that keep workers employed and earning income. Please answer the questions below with the understanding that physical contact between people increases the likelihood of a Covid-type virus spreading and endangering public health. (For further information, please read the Wall Street Journal article titled "Governments Zero In On an Essential Ratio" (April 21, 2020)).

Draw a supply and demand graph for the labor market (see Chapter 11, p. 247 of the McEachern text for an example) where the supply of labor (S) represents the quantity supplied of workers (all types of workers not just carpenters) at various wage rates (W) and the demand for labor (D) represents the demand for labor (all types of workers not just carpenters) at various wage rates. Label the market equilibrium wage rate (W) a n d the equilibrium quantity of labor employed (L).