(a)[8]
Using a diagram or diagrams, explain what is meant by equilibrium in a market and assess how far the equilibrium price and equilibrium quantity are likely to alter for a product after a rise in wages for labour throughout the economy.
(b)[12]
Entrepreneurs are important in an economy if long run economic growth is to be achieved. Assess whether promoting entrepreneurship or raising another factor of production will be the more effective route to achieving long‑run economic growth.