Suppose that this graph describes the current labor market for high school teachers:
Suppose the market were to re-equilibrate following a shift of the supply curve to the left.At the new equilibrium,wages would be

Question

Suppose that this graph describes the current labor market for high school teachers: 
Suppose the market were to re-equilibrate following a shift of the supply curve to the left.At the new equilibrium,wages would be

Quizplus · Accepted Answer

If the supply curve shifts to the left, it means that there are fewer teachers available in the market. This will lead to a shortage of teachers at the initial wage level, and employers will need to offer higher wages to attract teachers. As a result, wages will increase, and fewer teachers will be hired at the new equilibrium point.

Suppose That This Graph Describes the Current Labor Market for High