In the mid-1980s, the salaries of accounting professors with Ph.D.s increased dramatically. This resulted in an increase in enrollments in Ph.D. accounting programs. Since a Ph.D
degree in accounting may take at least four years to complete, the short-run elasticity of supply of accounting professors is A) greater than the long-run-elasticity of supply.
B) less than the long-run elasticity of supply.
C) equal to the long-run elasticity of supply.
D) equal to the short-run elasticity of demand.
B
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In the classical model, a temporary increase in government purchases causes the new equilibrium to have
A) more employment and a lower real wage than before. B) more employment and a higher real wage than before. C) less employment and a lower real wage than before. D) less employment and a higher real wage than before.
Two products that serve similar purposes for a consumer would be referred to as
a. substitutes. b. complements. c. inferior goods. d. unrelated goods.