Explaining the changes in the labor market for comic book.
Suppose that in the market for comic book illustrators the substitution effect dominates the income effect. While visiting Comic Con, you are told that the equilibrium level of employment has increased.
a. Elucidate what must have happened in the labor market for comic book illustrators to effect such change? Show on a graph and explain.
b. Name one potential reason for this observed change in the labor market for comic book illustrators? Explain.
c. Name the other potential reason for ths observed change in the labor market for comic book illustrators? Explain.