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Use a diagram of the labour market to show the effects of the following on (i) wages paid to workers, (ii) the quantity of labour
- Use a diagram of the labour market to show the effects of the following on (i) wages paid to workers, (ii) the quantity of labour supplied, (iii) the quantity of labour demanded, and (iv) the amount of unemployment.
- a) a decrease in working-age population: (2.5 marks)
- b) a launch of a new product that requires additional labour to produce (2.5 marks)
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