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The National Association of Business Schools recently required that all business schools must hire three additional people with Ph.D.degrees in English literature.What is the immediate effect on the salaries of people with Ph.D.s in English literature? What will be the effect after ten years?
Product Market
The platform where end products or services are made available to individuals, companies, and the general public.
Households
Individuals or groups of people living together as a single unit, making economic decisions and consuming goods and services.
Factor Market
A marketplace for the services of a factor of production (e.g., labor, land, capital), where these services are bought and sold.
Firms
Business organizations or entities engaged in commercial, industrial, or professional activities.
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