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.

Identify the impact of consumer empowerment on supply chain management.

Understand the issues and challenges in developing and sustaining an efficient and effective supply chain.

Recognize the factors not contributing to supply chain efficiency and effectiveness.

Comprehend the significance of globalization in supply chain management.

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Definitions:

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.