A Prestigious Private High School Requires Each of Its Teachers

question 150

Multiple Choice

A prestigious private high school requires each of its teachers to have a Ph.D. in the subject they teach. This requirement is likely to

• A)increase the supply of teachers to this school.
• B)increase wages for teachers at the private school relative to those at public schools.
• C)decrease the marginal product of teachers at the private school.
• D)All of the above are correct.

---

Definitions:

The Soviet Union

A previously existing federal socialist nation in northern Eurasia, officially recognized as the Union of Soviet Socialist Republics (USSR) from 1922 to 1991.

Centrally Planned Economic System

An economic system in which the government or state makes all decisions about what to produce, how to produce, and for whom to produce, with little or no input from market forces.

Consumers

Individuals or groups who purchase goods and services for personal use and not for manufacture or resale.

Privately Owned Businesses

Companies that are owned by individuals or private groups, not controlled by the government.