Depict the equilibrium situation in the labor market| Microeconomics

Depict the equilibrium situation in the labor market| Microeconomics

Depict the equilibrium situation in the labor market using the Wage-Setting and Price-Setting relations and carefully label the graph. Use this model to illustrate and explain what happens to the natural rate of unemployment and real wages when increased competition reduces the price mark-up as well as Unemployment benefits being increased.