Suppose the Following Two Events Occur in the Market for Elementary

question 239

Multiple Choice

Suppose the following two events occur in the market for elementary school teachers:
A.Overcrowded schools and education budget cuts have discouraged young college students from pursuing careers in teaching.
B.With an increasing birth rate, the number of children entering the elementary school system is expected to increase significantly over the next ten years.
What is likely to happen to the equilibrium wage and quantity of teachers as a result of these two events?

• A)The equilibrium quantity and the equilibrium wage of elementary school teachers fall.
• B)The equilibrium wage rises and the effect on the equilibrium quantity of elementary school teachers is indeterminate.
• C)The equilibrium quantity falls and the effect on the equilibrium wage of elementary school teachers is indeterminate.
• D)The equilibrium quantity falls and the equilibrium wage of elementary school teachers rises.

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Definitions:

Management Theories

Conceptual frameworks that aim to explain and guide the practice of management in organizations.

Bureaucracy

An administrative framework marked by rigid rules, methods, and a clear chain of command, typically found in sizable institutions or governmental bodies.

Reliability and Stringency

Concepts relating to the consistency of a measure (reliability) and the strictness or rigor of procedures or criteria (stringency).

Discipline

The practice of training people to obey rules or a code of behavior, using punishment to correct disobedience.