3-Suppose the government creates an order ofeconomists that limits the number of peoplewho can become economists. This would entail(a) the disappearance of economic recessions.(b) a decrease in demand for economists.(c) increased demand for economists.(d) an increase in the salary of economists.4-Let us consider a good whose market is in asituation of perfect competition. The demandcurve for the good is decreasing, while the goldcurve is increasing. If the introduction of aprice cap by the government results in a fall inthe market clearing price, then(a) there will be excess demand at the newmarket equilibrium.(b) there will be equality of supply and demandat the new market equilibrium(c) there will be an excess of the new marketequilibrium.(d) There is not enough information to answer.

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3-Suppose the government creates an order of economists that limits the number of people who can become economists. This would entail (a) the disappearance of economic recessions. (b) a decrease in demand for economists. (c) increased demand for economists. (d) an increase in the salary of economists.

3-Suppose the government creates an order of economists that limits the number of people who can become economists. This would entail (a) the disappearance of economic recessions. (b) a decrease in demand for economists. (c) increased demand for economists. (d) an increase in the salary of economists.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter8: Application: The Cost Of Taxation

Section: Chapter Questions

Problem 1PA

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