How each of the given events will raise equilibrium wage

Reference no: EM132117845

Question: Predict how each of the following events will raise or lower the equilibrium wage and quantity of coal miners in West Virginia. In each case, sketch a demand and supply diagram to illustrate your answer.

a. The price of oil rises.

b. New coal-mining equipment is invented that is cheap and requires few workers to run.

c. Several major companies that do not mine coal open factories in West Virginia, offering a lot of well-paid jobs.

d. Government imposes costly new regulations to make coal-mining a safer job.

Reference no: EM132117845

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