Using the market for nursing homes and care homes for older people, suppose that the market is in equilibrium. Then, there is an increase in wages for healthcare workers. Would there be a temporary shortage or surplus in the market? Will there be a change in quantity supplied or quantity demanded after the price rises to get to your new equilibrium Shortage = A Surplus = B Quantity Supplied = C Quantity Demanded = D Instructions: State whether you think it will be A, B, C, or D. The answer will be combination of two, for example if you think there is a shortage and a change in quantity supplied, you would have AC. In your answers only include the letter the two capital letters. Make sure choose between AB first, then between CD. Answer:
Using the market for nursing homes and care homes for older people, suppose that the market is in equilibrium. Then, there is an increase in wages for healthcare workers. Would there be a temporary shortage or surplus in the market? Will there be a change in quantity supplied or quantity demanded after the price rises to get to your new equilibrium Shortage = A Surplus = B Quantity Supplied = C Quantity Demanded = D Instructions: State whether you think it will be A, B, C, or D. The answer will be combination of two, for example if you think there is a shortage and a change in quantity supplied, you would have AC. In your answers only include the letter the two capital letters. Make sure choose between AB first, then between CD. Answer:
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 24P
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Transcribed Image Text:Using the market for nursing homes and care homes for older people, suppose that the market is in equilibrium. Then, there is an
increase in wages for healthcare workers.
Would there be a temporary shortage or surplus in the market? Will there be a change in quantity supplied or quantity demanded
after the price rises to get to your new equilibrium
Shortage = A
Surplus = B
Quantity Supplied = C
Quantity Demanded D
Instructions: State whether you think it will be A, B, C, or D. The answer will be combination of two, for example if you think there
is a shortage and a change in quantity supplied, you would have AC. In your answers only include the letter the two capital letters.
Make sure choose between AB first, then between CD.
Answer:
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