In high schools, all teachers were paid the same based on years of service and regardless of specialization. Beginning in the 1970s, a shortage of science and math teachers developed as private industry paid more for math and science skills than schools could offer. At the same time, a decline in the number of school-age children tended to reduce the demand for all other teachers, which led to a

surplus. The economist's solution to this problem would be
a. merit pay to reward the best teachers.
b. recognition that all teachers do comparable work and should be paid the same.
c. to raise the wages of all teachers.
d. to raise the wages of teachers in fields that are in short supply and lower those of others.

d

Economics

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In comparison to the case of a perfectly competitive home market, the welfare effects of a tariff under a home monopoly are _______, and the deadweight loss for the home monopoly is ________.

a. the same; the same b. higher; lower c. lower; higher d. lower; lower

Economics

What do we mean by efficient production?

What will be an ideal response?

Economics