Consider the market for university economics professors. Suppose the opportunity cost of going to graduate school to get a Ph. D. in economics increases for many individuals. Suppose it generally takes about five years to get a Ph. D. in economics. Holding all else constant, in five years the equilibrium quantity of university economics professors will
a.
increase.
b.
decrease.
c.
not change.
d.
It is not possible to determine what will happen to the equilibrium quantity.
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