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Consider the Market for University Economics Professors

question 369

Multiple Choice

Consider the market for university economics professors. Suppose the opportunity cost of going to graduate school to get a Ph.D. in economics increases for many individuals. Suppose it generally takes about five years to get a Ph.D. in economics. Holding all else constant, in five years the equilibrium wage for university economics professors will


Definitions:

Visual Receptors

Visual receptors are cells located in the retina of the eye that are sensitive to light and enable vision.

Retina

The light-sensitive layer of tissue at the back of the inner eye, which converts light images into electrical signals sent to the brain.

Optic Nerve

The nerve that transmits visual information from the retina to the brain.

Ganglion Cell Axons

The long, threadlike part of a ganglion cell in the retina that transmits visual information from the eye to the brain.

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