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Concepts of supply and demand, substitution and equilibrium

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Reference no: EM1373855

Some economists did a study of market for economists in Britain. They discover that the quantity demanded was about 150 per year, and that the quantity supplied was about three hundred per year. Using your new-found economic reasoning powers:

- What did they predict would happen to the economists' salaries?
- What likely happens to the excess economists?
- Why doesn't the price change immediately to bring the quantity supplied and the quantity demanded into equilibrium?

 

Reference no: EM1373855

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