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: The quantity supplied of QM's law degrees will definitely fall in the future. A decrease in demand for law degrees at QM would have resulted in them increasing prices each year and making more positions available. QM could only have increased the number of positions available and decreased the price by increasing the supply of their law degrees. There is a proportional relationship between quantity supplied and the price of QM's law degrees.

Each year the demand for lawyers remains constant. However, the number of law graduates continually increases each year. Assume these graduates wish to work in the legal profession. The supply and demand curves mentioned below refer to the market for legal services. Answer the following questions: a. The increased number of law graduates will have an impact on legal services in what way? . Type DR for Demand shifts Right, DL Demand shifts Left, SR Supply shifts Right, SL Supply shifts Left or U for Unknown. b. The film “The Wolf of Wall Street” has changed many law students’ opinions on the finance industry. As a result, a large percentage of the law graduates have decided not to enter the legal services profession and instead pursue a career in finance after graduation. Which curve will be affected and in what way? . Type DR for Demand shifts Right, DL Demand shifts Left, SR Supply shifts Right, SL Supply shifts Left, U for Unknown. c. Combining your answers from part a. and part b., if the magnitude of the two changes are equal, what will be the resulting effect on the market price? . Type H for Higher, S for remains the Same, L for Lower or U for Unknown.

Between 2009 and 2010 the number of potential jobs for qualified law students fell by 16%. During the same period the total number of applicants for places on law courses increased.What is the most likely explanation for this?1 pointA an economic recession and an increase in general unemploymentB an increase in crime rates and the possibility of high salaries in the legal professionC an increase in the retirement age for existing lawyers and an increase in law course feesD the merger of law firms and the closure of law courses

The university official is claiming that the demand for admission to the university is not affected by changes in tuition prices. She supports this claim by stating that even though the university has increased its tuition fees over the past 15 years, the number and quality of students applying have not decreased. However, we cannot fully accept this argument based on the evidence provided. The official does not observe a demand curve, which is a graphical representation of the relationship between price and quantity demanded. Without a demand curve, it is difficult to determine the price elasticity of demand, which measures how responsive the quantity demanded is to changes in price. There could be other factors at play that explain why the number and quality of students applying have not decreased despite the increase in tuition fees. One possibility is the existence of potential substitutes. In other words, students may have alternative options to consider when choosing a university. If these alternatives offer similar quality education at a lower cost, students may choose those options instead. To better understand this, let's imagine you are a middle school student looking to buy a new video game. If the price of your favorite game doubles, you might still be willing to buy it because you really enjoy playing it and there are no other games that offer the same experience. However, if another game with similar features and lower price becomes available, you might choose to buy that game instead. This is similar to how students might consider other universities if they offer similar quality education at a lower cost. In conclusion, while the university official's argument suggests that the demand for admission is not affected by tuition prices, we need more information to fully accept this claim. The existence of potential substitutes and the absence of a demand curve make it difficult to determine the price elasticity of demand for university admissions.

From the 1970s through the 1990s, the relative price of a university education has increased greatly. During the same time period, university enrollment has also increased. This evidence suggests that during this time period most likelyGroup of answer choicesthe demand curve for a university education has shifted leftward.the demand curve for a university education has shifted rightward.the supply curve for a university education has shifted leftward.the supply curve for a university education has shifted rightward.

What is likely to lead to an increase in the wages of university lecturers? A an increase in the fringe benefits provided to university lecturers B an increase in the tuition fees paid by university students C government policies reducing the length of the training for university lecturers D increased demand from students to study at university