Unformatted text preview: negative 15% to when it was actually negative 1.8% back in 1994. This gap was relatively absorbed by more “experienced” teachers regardless of the years of experience acquired. Besides being equipped with better benefits, teachers still experience a massive wage gap in comparison with other professions. With regards to the graph, because of the decrease in pay on the Y axis, it results in shortage due to low pay. Because the equilibrium price lowers, the equilibrium quantity of teachers also decreases with a simultaneous decrease in supply which results in an increased demand for teachers....
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- Fall '08
- Supply And Demand, 19 years, 15%, 1.8%, $30, 2 decades