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Fill in the blanks to complete the paragraph. The government reduces educational subsidies received by schools....

Fill in the blanks to complete the paragraph.
The government reduces educational subsidies received by schools. Also, the economy enters a recession, which causes more workers to go back to schools. Because of this, supply of education shifts to the __________, and the demand for education shifts to the __________. The equilibrium price of education will ________.
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Answer #1

From the given question it can be clearly seen that due to reduction in the subsidy then this will affect the supply of education

since there is less subsidy so school will not get so much benefit and this supply of education will decrease

the supply curve will shift left

now when we talk about demand side then due to more workers who want to go back to school there will be more demand for education

so demand curve will shift right and due to this both phenomena the equilibrium price will increase

supply shifts left

Demand shifts right

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