The demand and supply curves shown below apply to a competitive market for a factor in the production of widgets. FIGURE 13- 5
-Refer to Figure 13- 5. This factor market is initially in equilibrium at point B, but changes occur that cause the equilibrium to shift to point D (S curve shifts left). At the new equilibrium, total factor earnings compared to the initial equilibrium.

Question

The demand and supply curves shown below apply to a competitive market for a factor in the production of widgets.  FIGURE 13- 5
-Refer to Figure 13- 5. This factor market is initially in equilibrium at point B, but changes occur that cause the equilibrium to shift to point D (S curve shifts left). At the new equilibrium, total factor earnings compared to the initial equilibrium.

Quizplus · Accepted Answer

The Answer of The demand and supply curves shown below apply to a competitive market for a factor in the production of widgets.  FIGURE 13- 5
-Refer to Figure 13- 5. This factor market is initially in equilibrium at point B, but changes occur that cause the equilibrium to shift to point D (S curve shifts left). At the new equilibrium, total factor earnings compared to the initial equilibrium.

The Demand and Supply Curves Shown Below Apply to a Competitive