30. In the following figure Richard Freeman shows that FIGURE 1.-SUPPLY OF NEW LAWYERS, 1947-1971 %...

 

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30. In the following figure Richard Freeman shows that FIGURE 1.-SUPPLY OF NEW LAWYERS, 1947-1971 % CHANGE 10%- 15%- 5%- -5% -10% -15% % CHANGE IN 1st YEAR LAW STUDENTS (left scale) RATIO OF 1st YEAR LAW STUDENTS OVER MALE BA's (right, scale) L 1961 1966 1971 1951 Source Law data, American Bar Association (1972); B.A. degrees, U.S. Bureau of Census, Statistical Abstract (1949-72) - % CHANGE IN OF LAW STUDENTS (left scale) J 1946 L 1956 0.09 0.08 0.07 -0.07 RATIO A. it's impossible to forecast the supply of lawyers because of the cyclical nature of supply B. students going to law school might find it difficult to get a job because of the cyclical nature of law. C. the same type cyclical variation in agricultural production exists in the legal profession. D. there is a "cobweb" in the market for lawyers. E. (C) and (D). 30. In the following figure Richard Freeman shows that FIGURE 1.-SUPPLY OF NEW LAWYERS, 1947-1971 % CHANGE 10%- 15%- 5%- -5% -10% -15% % CHANGE IN 1st YEAR LAW STUDENTS (left scale) RATIO OF 1st YEAR LAW STUDENTS OVER MALE BA's (right, scale) L 1961 1966 1971 1951 Source Law data, American Bar Association (1972); B.A. degrees, U.S. Bureau of Census, Statistical Abstract (1949-72) - % CHANGE IN OF LAW STUDENTS (left scale) J 1946 L 1956 0.09 0.08 0.07 -0.07 RATIO A. it's impossible to forecast the supply of lawyers because of the cyclical nature of supply B. students going to law school might find it difficult to get a job because of the cyclical nature of law. C. the same type cyclical variation in agricultural production exists in the legal profession. D. there is a "cobweb" in the market for lawyers. E. (C) and (D).

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Option a is correct Richard Freeman shows that it is impossibl... View the full answer