Asked by
Samantha Humbers
on Nov 16, 2024
Verified
Consider the market for medical doctors. Suppose the opportunity cost of going to medical school decreases for many individuals. Suppose, it generally takes about 10 years to become a practicing doctor. Holding all else constant, in 10 years the equilibrium wage for doctors will
A) increase.
B) decrease.
C) not change.
D) It is not possible to determine what will happen to the equilibrium wage.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing one option over another.
Medical Doctors
Professionals who are licensed to practice medicine and provide health care services to patients.
Medical School
An educational institution dedicated to the training of individuals in the field of medicine to become physicians.
- Appraise the effect of technological shifts on employment landscapes.
Verified Answer
HW
Learning Objectives
- Appraise the effect of technological shifts on employment landscapes.