Question

Three years ago, law school admits deciding whether or not to attend the schools they were admitted to typically underestimated the future demand for lawyers. This forecasted demand corresponded with salaries that many admits were unwilling to accept, and fewer students than usual ended up attending law school. Now that these students have completed law school, the small graduating classes have led to a more limited supply of lawyers than is generally available. What will be the result of this mismatch?

1)The lower supply of lawyers will lead to high salaries, and current law school admits will be more likely to decide to attend
2)The lower supply of lawyers will lead to high salaries, and current law school admits will be less likely to decide to attend
3)The lower supply of lawyers will lead to low salaries, and current law school admits will be more likely to decide to attend
4)The lower supply of lawyers will lead to low salaries, and current law school admits will be less likely to decide to attend

Answer 1

Answer) 1)The lower supply of lawyers will lead to high salaries, and current law school admits will be more likely to decide to attend

Step-by-step explanation:

Simple demand and supply logic can be used to reflect that as the supply of lawyers is lower, price (salaries of lawyers) will be higher and it will force the students to join law classes for higher salaries after completion of the programme.