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Scenario 18-6
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 18-6. As a result of these two events, holding all else constant, the equilibrium quantity of university economics professors will
Physicians
Medical professionals who diagnose and treat illnesses, offer medical advice, and provide preventive care.
Body Meridians
Paths through which life energy known as "qi" flows within the human body, according to traditional Chinese medicine.
Acupuncture
Involves the insertion of needles at various points in the body to treat disease or relieve pain.
Electrified Needles
Needles that carry electrical currents, often used in medical treatments like electroacupuncture or in certain surgical procedures to cut tissue or seal blood vessels.
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