If the demand for workers with doctorate degrees in economics increases, we would expect
A) the wages of economists to increase in the short run and the number of economists employed to increase in the long run.
B) the supply of economists to increase in the short run and their wages to rise in the long run.
C) a rapid increase in the supply of economists, causing wages to remain constant.
D) the wages of economists to decrease in the short run and the number of economists employed to increase in the long run.

Question

Quizplus · Accepted Answer

In the short run, increased demand for economists with doctorate degrees would lead to higher wages due to limited supply. In the long run, more individuals may pursue economics doctorates, increasing supply and employment.

If the Demand for Workers with Doctorate Degrees in Economics