An unanticipated decline in the demand for legal services will
a. increase both the wages of lawyers and the rate of return they can expect to derive from their legal education.
b. lead to a shortage in the market for legal services.
c. reduce the wages of lawyers but not the quantity of legal services supplied.
d. reduce the wages of lawyers and the rate of return on a legal education..
D
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Industries with high barriers to entry
a. Pushes profits to normal returns b. Increases the likelihood of firms entering the industry c. Help firms sustain long term profits d. Increases the number of competitors
Equilibrium GDP is reached when
a. aggregate expenditure exceeds GDP b. aggregate expenditure is less than GDP c. aggregate expenditure equals the level of output d. the level of output is greater than aggregate expenditure e. the level of output is less than aggregate expenditure