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Suppose that the labor market for college professors is currently in equilibrium. An increase in the population increases the demand for a college education, which
Suppose that the labor market for college professors is currently in equilibrium. An increase in the population increases the demand for a college education, which in turn raises the price. In the labor market, this will increase the demand for labor As a result of this, the wage rate will and the equilibrium quantity of college professors will
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