Suppose in Philadelphia the Quantity of Economists Demanded Is Less

question 71

Multiple Choice

Suppose in Philadelphia the quantity of economists demanded is less than the quantity supplied by 2,000 economists.As a result,

• A) there is a shortage of economists in Philadelphia.
• B) salaries for economists fall.
• C) there is equilibrium in this market.
• D) the labor supply curve for economists in Philadelphia is vertical.
• E) the labor demand curve for economists in Philadelphia shifts rightward.

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Definitions:

Pollution

The contamination of the natural environment by harmful substances or waste, leading to adverse effects on living organisms and ecosystems.

Regulation

The establishment of rules or laws designed to control or govern conduct, often enacted by governments to ensure order and safety.

Earth-sustaining Economics

An economic system aimed at promoting sustainability, ensuring that economic activities do not compromise the well-being of the earth and its ecosystems.

Paul Hawken

An environmentalist, entrepreneur, and author known for his work on sustainability and the environment, particularly in relation to business and economics.