On the global micro-work platform GlobalTranscribe, thousands of independent, home-based freelance transcribers provide standardized 1-minute audio transcriptions of identical quality. Elena is one such transcriber who faces a market price determined entirely by aggregate supply and demand on the platform.
Draw side-by-side diagrams showing the long-run equilibrium positions for both the overall market for 1-minute transcriptions and a typical individual micro-business, such as Elena's.
