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Use the diagram below to answer the question Labour supply Average product A of labour, X W/P = WPS Price-setting Average product of labour, A;

Use the diagram below to answer the question Labour supply Average product A of labour, X W/P = WPS Price-setting Average product of labour, A; Real wage, W/P curve C 0 Employment, N (whole economy) 8. Discuss the state of the labour market at point A and describe the adjustment process to equilibrium

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