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The Wall Street Journal reported that recent law school
graduates were having a very difficult time obtaining jobs in the
legal profession. Many law schools said that 10 to 20 percent of
their graduates still had not found jobs. The historical average
had been 6 to 8 percent. Many recent graduates were taking jobs
outside law at much lower wages than were typically paid to
beginning lawyers. Based on this information, what would be your
prediction about lawyers’ salaries for the future? Please explain
your answers in terms of the market for lawyers fully explaining
what changes will occur to demand, supply, quantity demanded,
quantity supplied, and equilibrium price for lawyers (starting
wages for lawyers).

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