The market for economists in Greenland has recently experienced an increase in the number of economists employed and an increase in the wage of economists. What could explain such a change?
A)The demand for economists recently increased while the supply of economists remained unchanged.
B)The demand for economists recently decreased while the supply of economists remained unchanged.
C)The demand for economists remained unchanged while the supply of economists increased.
D)The demand for economists remained unchanged while the supply of economists decreased.
E)The demand for economists recently decreased while the supply of economists recently increased.

Question

Quizplus · Accepted Answer

An increase in the number of economists employed and an increase in their wages suggests that there was an increase in demand for economists, while the supply remained unchanged. This would lead to an increase in both the quantity and price of economists.

The Market for Economists in Greenland Has Recently Experienced an Increase