The table below shows the quantity demanded and supplied in the labor market for economics professors at I'mAStateUniversity, where all the professors belong to a union. All of the economics professors could also work as economic consultants, but the market for economic consultants is not unionized. Annual Salary Quantity of workers demanded Quantity of workers supplied $50,000 95 20 $60,000 80 30 $70,000 65 40 $80,000 50 50 $90,000 35 60 $100,000 20 70 If the union negotiates an annual salary increase for economics professors that is $20,000 higher than the market wage rate for economic consultants, then the market wage rate for the consulting positions will _____________________ and the quantity of economic consultants employed will_____________________. Question 3 options: rise, rise rise, fall fall, rise fall, fall
The table below shows the quantity
|
Annual Salary |
Quantity of workers demanded |
Quantity of workers supplied |
|
$50,000 |
95 |
20 |
|
$60,000 |
80 |
30 |
|
$70,000 |
65 |
40 |
|
$80,000 |
50 |
50 |
|
$90,000 |
35 |
60 |
|
$100,000 |
20 |
70 |
If the union negotiates an annual salary increase for economics professors that is $20,000 higher than the market wage rate for economic consultants, then the market wage rate for the consulting positions will _____________________ and the quantity of economic consultants employed will_____________________.
Question 3 options:
|
rise, rise |
|
|
rise, fall |
|
|
fall, rise |
|
|
fall, fall |
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