Using Economic Reasoning Power Some economists did a study of the market for economists in Britain They found that the quantity demanded was about 150 per year, and that the quantity supplied was...

Using Economic Reasoning Power

Some economists did a study of the market for economists in

Britain They found that the quantity demanded was about 150 per year, and that

the quantity supplied was about 300 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?