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The following scenario examines markets for factors of production, which include land and labor, used to produce wheat in Kansas in 1935. During this time

The following scenario examines markets for factors of production, which include land and labor, used to produce wheat in Kansas in 1935. During this time period?known as the Dust Bowl?major dust storms caused residents of Kansas to migrate west to such states as California and Washington. It also made the land in Kansas much less useful for producing wheat.

Using the example of the Dust Bowl, show the effects of these two changes on the market for labor in Kansas on the following graph.

image text in transcribedimage text in transcribed
Market for Labor O Supply Demand Supply WAGE DemandMarket for Land O Supply Demand O Supply RENTAL PRICE Demand LAND

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