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The market for engineers is initially in equilibrium. The demand curve for engineers shifts up. ...

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The market for engineers is initially in equilibrium. The demand curve for engineers shifts up. ...

The market for engineers is initially in equilibrium. The demand curve for engineers shifts up. Assume the naive cobweb model holds such that in the first period, the labor supply is fixed, in the next period, wages are fixed, and so on. In period three, how will the wage rate compare to the new long run level?
A) The wage rate will be below its long run level.
B) The wage rate will equal its long run level.
C) The wage rate will be above its long run level.
D) uncertain (need more information)

Textbook

Modern Labor Economics: Theory and Public Policy

Edition: 12^th

Authors: Ehrenberg, Smith

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