Problem 15b.) Suppose that, three years ago, the small town of Middling experienced a sudden doubling of the birth rate. Today, the birth rate returned to normal. Relative to before the doubling of the birth rate, choose the statement that best describes the effect of these events on the market for an hour of babysitting services 14 years into the future, after the birth rate has returned to normal, by which time children born today are old enough to work as babysitters. There will be a rightward shift of the supply curve for babysitting services 14 years from now, which will result in a higher equilibrium price and a higher equilibrium quantity. There will be a rightward shift of the supply curve for babysitting services 14 years from now, which will result in a lower equilibrium price and a higher equilibrium quantity. There will be a leftward shift of the supply curve for babysitting services 14 years from now, which will result in a lower equilibrium price and a higher equilibrium quantity. There will be a leftward shift of the supply curve for babysitting services 14 years from now, which will result in a higher equilibrium price and a higher equilibrium quantity.
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Problem 15b.) Suppose that, three years ago, the small town of Middling experienced a sudden doublin...
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