(Solved):   On the graph, draw a demand for labor curve and a supply of labor curve. Label the curves. ...

 

On the graph, draw a demand for labor curve and a supply of labor curve. Label the curves. Draw a point at the market equilibrium wage rate and employment. Now draw a horizontal line that show a wage rate at which a shortage of labor would occur. Label it Shortage. Draw a horizontal line that shows a wage rate at which a surplus of labour would occur. Label it Surplus. \( \gg \) Draw only the objects specified in the question