Consider the labour markets for economists and accountants. They both require some level of comfort with numbers and computations, so people who are good with numbers and computations can get trained equally easily in either market (although it takes time to get trained). Suppose the markets start out each in initial equilibrium, with the wage rates equal. Then a new show on people Netflix makes the life of an economist look very glamourous (go figure). As a result, the | and the wage rate of accountants will On the in the accountants market will other hand, the people in the economists market will and the wage rate of economists will supply of demand for decrease increase

Consider the labour markets for economists and accountants. They both require some level of comfort with numbers and computations, so people who are good with numbers and computations can get trained equally easily in either market (although it takes time to get trained). Suppose the markets start out each in initial equilibrium, with the wage rates equal. Then a new show on people Netflix makes the life of an economist look very glamourous (go figure). As a result, the | and the wage rate of accountants will On the in the accountants market will other hand, the people in the economists market will and the wage rate of economists will supply of demand for decrease increase

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter12: The Supply Of And Demand For Productive Resources

Section: Chapter Questions

Problem 7CQ

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