The following graphs show the supply of and demand for assistant professors in history (left) and in engineering (right) for a hypothetical university. Use the graphs to help you answer the following questions.

Market for Assistant History Professors

0

7

14

21

28

35

42

49

56

63

70

80

72

64

56

48

40

32

24

16

8

0

SALARY (Thousands of dollars)

QUANTITY (Assistant history professors)

Demand

Supply

Market for Assistant Engineering Professors

0

4

8

12

16

20

24

28

32

36

40

120

108

96

84

72

60

48

36

24

12

0

SALARY (Thousands of dollars)

QUANTITY (Assistant engineering professors)

Demand

Supply

The equilibrium wage of an assistant professor in history is, and the equilibrium quantity isassistant professors in history. On the other hand, the equilibrium wage of an assistant professor in engineering is, and the equilibrium quantity isassistant professors in engineering.

Suppose the university sets the same wage for all assistant professors across all departments. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage at $48,000 and $72,000, respectively.

University WageAssistant History Professors

Assistant Engineering Professors

(Dollars)Quantity DemandedQuantity SuppliedShortage or SurplusQuantity DemandedQuantity SuppliedShortage or Surplus48,000 72,000

In summary, if the university sets a wage of $48,000 for all assistant professors in every department, which is equivalent to a price ceiling for engineering professors, there will be assistant engineering professors hired by the university than there would be if the university paid assistant engineering professors their equilibrium wage. Similarly, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price floor for history professors, there will be assistant history professors hired by the university than there would be if the university paid assistant history professors their equilibrium wage.