Answer to Question #86763 in Microeconomics for Mpumi

Question #86763
graphically illustrate and carefully explain the impact of deadly labour unrest on the market for steel.
1
Expert's answer
2019-03-22T10:21:53-0400

The deadly labour unrest will create the decrease in labor supply, increase in production costs and as a result decrease in supply of steel (leftward shift of the supply curve). So, the equilibrium price of steel will increase and the equilibrium quantity produced will decrease.


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