Question

Suppose a school needs to hire 2 new teachers, but there are 20 recent college graduates hoping to get a teaching job at that school. What is this an example of?

Answer 1

Answer:

This is an example of job shortage where the supply is greater than the demand.

Explanation:

In an economy, there should be a balance between demand and supply of goods and services.However, when supply exceeds demand, there is a fall in price.

In this case, teaching is a service, the supply of which has exceeded the demand since there is a requirement of only 2 new teachers but the number of graduates willing to apply is 20.