Scenario 18-6 Suppose the Following Events Occur in the Market for University

question 140

Multiple Choice

Scenario 18-6
Suppose the following events occur in the market for university economics professors.
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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.
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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 18-6. As a result of these two events, holding all else constant, the equilibrium wages of university economics professors will

• A)increase.
• B)decrease.
• C)not change.
• D)not be able to be determined without more information.

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