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The graphs show the supply and demand curves for economics professors and English professors.Assume ...

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The graphs show the supply and demand curves for economics professors and English professors.Assume ...

The graphs show the supply and demand curves for economics professors and English professors.

Assume that P1=$83.00, P2=$62.50, P3=$42.00, Q1=325, Q2=420, Q3=745, Q4=225, Q5=285, and Q6=435. Suppose that comparable-worth legislation is passed, and the government requires that economic professors and English professors are to be paid the same wage, $42.00. This results in a ________ (shortage/surplus) of ________ for economics professors and a ________ (shortage/surplus) of ________ for English professors.

▸ surplus, 95, surplus, 150

▸ shortage, 95, shortage, 210

▸ surplus, 420, shortage, 150

▸ shortage, 420, surplus, 210

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 108 times

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