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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?
Unemployment Taxes
Taxes paid by employers to fund unemployment insurance programs, aiding workers who have lost their jobs.
Salaries Payable
An account containing the total amount of salary expense that has been incurred by a company but has not yet been paid out to employees.
Employer Payroll Tax Expense
Taxes paid by employers based on the salary and wages of employees, including social security and Medicare taxes in the United States, among others.
Social Security Tax
Social Security Tax is a payroll tax collected by employers and employees in the United States to fund the Social Security program, providing benefits for retirees, disabled individuals, and survivors.
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