3)A)What effect will each of the following have on the market labor demand for a specific type of labor?i – an increase in product demand that increases product priceii – a decline in the productivity of this type of laboriii – an increase in the price of a gross substitute for laboriv – a decline in the price of a gross complement for laborv – the demise of several firms that hire this laborvi- a decline in the market wage rate for this laborvii – a series of mergers that transforms the product market into a monopolyB) Predict the impact of each of the following on the equilibrium wage rate and level of employment in labor market A:i – an increase in labor demand and supply in labor market Aii – the transformation of labor market A from a competitive to a monopsonistic market.
3)A)What effect will each of the following have on the market labor demand for a specific typeof labor?i – an increase in product demand that increases product price – increase the market…
