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 ) the equilibrium quantity will increase.(b) the equilibrium quantity will decrease.(c) the equilibrium quantity will not change.(d) it is not possible to determine what will happen to the equilibrium quantity.

(C) The equilibrium quantity will not change

Explanation:

The equilibrium in a given period depends on the balance between the supply of teachers and the demand for labor from the universities of the market. The decision to leave the market to study PHd, in turn, depends on the opportunity cost of each teacher, being a subjective value, which varies for each one, so the opportunity cost may increase for many individuals, as the statement says. , and little for others.

Note: Opportunity is a microeconomic concept used to describe how much an economic agent fails to earn in an economic activity by employing money in another economic activity.

Thus, in the short term, if at least one teacher decides to leave the market to attend PHD, the amount of market equilibrium will decrease. However, in the long run, teachers who have decided to do PHD will have returned to the market and the amount of balance will be the same. This keeping everything constant, as described in the statement.

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