If the demand for workers with doctorate degrees in economics increases, we would expect a.the wages of economists to decrease in the short run and the number of economists employed to increase in the long run. b.the wages of economists to increase in the short run and the number of economists employed to increase in the long run. c.a rapid increase in the supply of economists, causing wages to remain constant. d.the supply of economists to increase in the short run and their wages to rise in the long run.

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter25: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 14CQ
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If the demand for workers with doctorate degrees in economics increases, we would expect

a.
the wages of economists to decrease in the short run and the number of economists employed to increase in the long run.

b.
the wages of economists to increase in the short run and the number of economists employed to increase in the long run.

c.
a rapid increase in the supply of economists, causing wages to remain constant.

d.
the supply of economists to increase in the short run and their wages to rise in the long run.

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