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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?
Economies of Scale
A concept in economics that describes the cost advantage that arises with increased output of a product, leading to a decrease in the per-unit fixed cost as the scale of production is enlarged.
Downturn in Economy
A period when economic activity is declining, marked by decreased spending and increased unemployment.
Regulatory Changes
Modifications or updates to the rules and regulations that govern industry practices and standards.
Market Competition
The rivalry among businesses to attract customers, aiming to increase market share by offering better products, prices, or services.
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