Scenario 18-7 Suppose the Following Events Occur in the Market for University

question 157

Multiple Choice

Scenario 18-7
Suppose the following events occur in the market for university economics professors.
Event 1: A recession in the U.S. economy lowers the opportunity cost of going to graduate school in economics to become a university economics professor.
Event 2: An increasing number of students in U.S. primary and secondary schools increases the number of students entering college, increasing the output price of university economics professors' services.
-Refer to Scenario 18-7. As a result of these two events, holding all else constant, the equilibrium quantity of university economics professors will

• A)increase.
• B)decrease.
• C)not change.
• D)It is not possible to determine what will happen to the equilibrium quantity.

---

Definitions:

Sensory Crossover

The phenomenon where stimulation of one sensory pathway leads to automatic experiences in a second sensory pathway.

Synesthesia

A condition in which one sense is simultaneously perceived as if by one or more additional senses, such as seeing sound.

Specific Nerve Energies

The theory that different sensory nerves convey specific sensations to the brain.

Sensory Receptor

A specialized neuron that detects a specific type of stimulus and converts it into an electrical signal in the nervous system.