Problem
The long-run supply curve for gem diamonds is positively sloped because increases in diamond output increase the wages of diamond cutters. Explain why a decision by people to no longer buy diamond engagement rings would have disastrous consequences for diamond cutters but why such a trend would not really harm the owners of firms in the perfectly competitive gem diamond business.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.