Module 4 practice Ecnomoics for Managers- Creating Markets

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Module 4 practice Ecnomoics for Managers- Creating Markets

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Module 4 Lesson 4.1 optional practice questions 1) Here we have the graph of the market for recent law school graduates from 4.1.2 Imagine there are currently 80,000 lawyers in the market. Approximately what is the short-run equilibrium salary paid to lawyers? $280,000 At a price of $280,000, firms would demand less than 10,000 lawyers. This would result in many unemployed lawyers which would not be an equilibrium result in the short-run. $160,000 At a price of $160,000, firms would demand 50,000 lawyers. This would result in 30,000 unemployed lawyers which would not be an equilibrium result in the short-run. $100,000 correct At a price of $100,000, firms demand 80,000 lawyers. This answer can be found by looking at the 80,000 mark on the quantity axis and then moving up to where the

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