The QM University of Technology over the past few years has increased the number of law...
The QM University of Technology over the past few years has increased the number of law bachelor degree positions available for prospective students. The price of each subject in this law degree has also increased over the same period by $100/year.
Which of the following statements are true:
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A decrease in demand for law degrees at QM would have resulted in them increasing prices each year and making more positions available. |
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There is a proportional relationship between quantity supplied and the price of QM's law degrees. |
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QM could only have increased the number of positions available and decreased the price by increasing the supply of their law degrees. |
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The quantity supplied of QM's law degrees will definitely fall in the future. |
Homework Answers
Ans: A decrease in demand for law degrees at QM would have resulted in them increasing prices each year and making more positions available.
Quantity supplied and the price of QM's law degrees are inversely proportional. So, if the former increases, the latter decreases and vice versa.
In the given case, the demand has gone down, so this resulted in an increase in price.
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