If both the demand for and the supply of college graduates shift to the left,then the equilibrium wage would ________ and the number of college graduates would ________.

Question

Quizplus · Accepted Answer

When both demand and supply decrease, the equilibrium quantity (number of college graduates) will decrease. However, the effect on equilibrium wage is ambiguous because it depends on the relative magnitudes of the shifts in demand and supply.

If Both the Demand for and the Supply of College