Suppose in Philadelphia the Quantity of Economists Demanded Is Less

question 71

Multiple Choice

Suppose in Philadelphia the quantity of economists demanded is less than the quantity supplied by 2,000 economists.As a result,

• A) there is a shortage of economists in Philadelphia.
• B) salaries for economists fall.
• C) there is equilibrium in this market.
• D) the labor supply curve for economists in Philadelphia is vertical.
• E) the labor demand curve for economists in Philadelphia shifts rightward.

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Definitions:

Market Price

The prevailing market rate at which one can purchase or sell an asset or service.

Common Stock

Equity investments that represent ownership in a company and typically grant voting rights to shareholders.

Conversion

The process of changing or converting resources into finished goods or services, often used in accounting and manufacturing to describe the transformation of raw materials into products.

Gains Or Losses

The financial result from selling assets for more or less than their carrying amount on the balance sheet.