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Economics

State how each of the following would affect the average wage of college professors relative to other professionals in the long run. In each case, illustrate with a supply and demand model

a) Requirements to become a college professor increase from 1 PhD to 2 PhD's

b) Urban colleges around the country relocate to rural areas

c) The college-age population decreases.

d) The number of courses college professors have to teach each year is reduced by 25%.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M969617

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