Suppose the Following Two Events Occur in the Market for Elementary

question 244

Multiple Choice

Suppose the following two events occur in the market for elementary school teachers:
a. Overcrowded schools and education budget cuts have discouraged young college students from pursuing careers in teaching.
b. With an increasing birth rate, the number of children entering the elementary school system is expected to increase significantly over the next ten years.
What is likely to happen to the equilibrium wage and quantity of teachers as a result of these two events?

• A) The equilibrium quantity and the equilibrium wage of elementary school teachers fall.
• B) The equilibrium wage rises and the effect on the equilibrium quantity of elementary school teachers is indeterminate.
• C) The equilibrium quantity falls and the effect on the equilibrium wage of elementary school teachers is indeterminate.
• D) The equilibrium quantity falls and the equilibrium wage of elementary school teachers rises.

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Definitions:

Attitudes

Mental and emotional entities which predispose an individual's response to various situations, objects, or people.

Actual Results

The concrete outcomes or outputs that are achieved at the end of a project or period, often compared against planned objectives or goals.

Cycle Times

The entire duration from start to finish of a process, signifying the quickness and productivity of manufacturing or operations.

Flexibility

The ability to adapt to changes or circumstances without significant difficulty.