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Use the figure below to answer the following questions. Real wage rate (2002 dollars per hour) 25 - LS 20 15 10 5 LD 0

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Use the figure below to answer the following questions. Real wage rate (2002 dollars per hour) 25 - LS 20 15 10 5 LD 0 50 100 150 200 250 300 Labour (billions of hours per year) Figure 22.3.2 4) Refer to Figure 22.3.2. a) In Figure 22.3.2 the aggregate labour market is in equilibrium at $15.00 and 150 billion hours per year. If labour supply increased by 100 billion hours at every price level what would be the new equilibrium price and quantity? (2 Marks)

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