Economists Mark Blaug and Ruth Towse studied the market for economists in Britain and found that the

Question:

Economists Mark Blaug and Ruth Towse studied the market for economists in Britain and found that the quantity demanded was about 150 to 200 a year, and that the quantity supplied was about 300 a year.

a. What did they predict would happen to economists’
salaries?

b. What likely happens to the excess economists?

c. Why doesn’t the price change immediately to bring the quantity supplied and the quantity demanded into equilibrium?

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Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

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Question Posted: Mar 14, 2024 04:00 AM

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Economists Mark Blaug and Ruth Towse studied the market for economists in Britain and found that the

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a According to the basic principles of supply and demand when the quantity demanded is lower than th...View the full answer

Microeconomics

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