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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Economist Michael Kremer found that world growth rates fell as population increased
a. True b. False Indicate whether the statement is true or false
Game theory is best suited to analyze the pricing behavior of:
A. pure monopolists. B. pure competitors. C. monopolistic competitors. D. oligopolists.
If a country's currency appreciates, the country will experience a ________ in exports and a ________ in imports.
A. rise; rise B. fall; fall C. rise; fall D. fall; rise
Assume that we have a demand curve of the form: log(Q) = a - b log(P) + c log(I) where Q = quantity, P = price, I = income, and a, b, and c are positive constants
The income and price elasticities for the demand curve represented above are always A) equal to one. B) equal to zero. C) equal (i.e., income elasticity always equals price elasticity). D) constant but not necessarily equal to one another.