Demand and supply

1. Give two examples of events that could shift the demand for labor, and explain why they do so.2 Give two examples of events that could shift the supply of labor, and explain why they do so.3. Explain how the wage can adjust to balance the supply and demand for labor while simultaneously equaling the value of the marginal product of labor.1) Shifts in demand for labour are caused due toa) Change in Technology- whenever the technology progresses, new innovationshappen the demand for labour decreases. For example; the work of…