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Question: The dean at Middle State University knows that poets generally earn less than engineers in the private market; that is, the equilibrium wage for engineers is higher than that for poets. Suppose that all colleges and universities except for Middle State University pay their professors according to their potential private market wage. The administration at Middle State believes that salaries should be equal across all disciplines because its professors work equally hard and because all of the professors have similar degrees-PhDs. As a result, Middle State opts to pay all its professors a mid-range wage, WMS. What do you think is likely to happen to the engineering and poetry programs at Middle State?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92252048

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