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Assume the average salary for a college philosophy professor is $50,000. Suppose businesses decide they need in-house instructors to teach ethics to employees, and they begin hiring philosophy professors at a salary of $75,000. What are the short-term and long-term effects of this supposition?
Total Fertility Rate
The total number of offspring a woman is predicted to give birth to during her lifetime, based on existing age-related fertility trends.
Replacement Rate
The percentage of a worker's pre-retirement income that is paid out by a pension program upon retirement.
Market Price
The market rate at which an asset or service is currently available for buying or selling.
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